What is the economic cost of ending global climate change?

With many countries slowly returning to normalcy, a concerning report by the United Nations Development Programme reveals that carbon emissions have risen by 5% since October. This increase in emissions raises questions about the economic cost of combatting climate change, particularly for low to middle-income countries. Stephen Fisher, an Associate Professor at the University of Oxford, sheds light on this pressing issue in a recent interview with CNBC Africa. The cost of ending climate change remains uncertain, with estimates varying greatly from up to 50 trillion dollars. Fisher emphasizes that the actual cost is dependent on the strategies implemented and the technological advancements made in the process. While there is no specific figure to pinpoint, Fisher advocates for immediate action on multiple fronts to tackle the climate crisis effectively. One key aspect of reducing carbon emissions involves transitioning to renewable energy sources for electricity generation and promoting the electrification of various activities like transportation. Increasing the use of electric vehicles, trains, and buses, as well as shifting towards electricity instead of fossil fuels, are crucial steps towards decarbonizing the global economy. Despite the urgency of the situation, global policies are still inadequate in curbing carbon emissions effectively. Fisher notes that while emissions may be rising at a slower pace, they are still on the incline, indicating a need for more substantial measures. In light of these concerning trends, Fisher underscores the necessity of a wake-up call for governments worldwide. A recent survey conducted in collaboration with the United Nations Development Programme revealed that 64% of respondents across 50 countries recognized climate change as a global emergency. This staggering statistic underscores the urgent need for policymakers to take decisive action to address the climate crisis. Fisher highlights the importance of partnerships and collaboration among governments, the private sector, and individuals to achieve meaningful progress in combating climate change. Beyond policy interventions, individuals also play a crucial role in addressing climate change. Fisher emphasizes the significance of daily actions that can collectively make a difference in carbon reduction and climate adaptation efforts. He suggests practices such as preserving nature, conserving waterways, and oceans, as well as providing insurance for vulnerable populations to mitigate the impacts of climate change. Looking ahead, Fisher warns that based on current global temperature trends, we can anticipate more record-breaking temperatures in the coming years. The trajectory of rising temperatures signifies the persistent threat of climate change and the critical need for immediate and coordinated action to safeguard the planet for future generations.