Economics for Everyone- SDG goal 13 cooling the climate race to (net) zero

27 Apr 2022 , 02:03 PM

We’ve all heard the term net-zero, but what exactly does it mean? Put simply, Net zero refers to the balance between the amount of greenhouse gas produced and the amount removed from the atmosphere. Net zero means achieving a balance between the greenhouse gases put into the atmosphere and those taken out. We reach net zero when the amount we add is no more than the amount taken away. Net zero is important as it’s the best way we can tackle climate change by reducing global warming. What we do in the next decade to limit emissions will be critical to the future, which is why every country, sector, industry, and each one of us must work together to find ways to cut the carbon we produce.

Let us see some statistics provided by United Nations Environment Programme (UNEP) said the Professor

From 1880 to 2012, average global temperature increased by 0.85°C

Oceans have war med, the amounts of snow and ice have diminished and sea level has risen. From1901 to 2010, the global average sea level rose by 19 cm as oceans expanded. The Arctic’s sea iceextent has shrunk in every successive decade since 1979

Global emissions of carbon dioxide (CO2) have increased by almost 50 per cent since 1990

Emissions grew more quickly between 2000 and 2010 than in each of the three previous decades

My god the students reacted. Professor Sen continued.

Many countries have made commitments to move to a net zero emissions economy. This is in response to climate science showing that to halt climate change, carbon emissions have to stop — reducing them is not sufficient. ‘Net zero’ means that any emissions are balanced by absorbing an equivalent amount from the atmosphere.

We understand that this will save our environment, sir, said Kumar.
Not only save the environment, but it will also help the overall development
Can you explain sir asked Lata
Well, the Professor continued
How many of you heard about the SDG.
The students looked at each other. After some thinking Kumar answered, I think it is Sustainable Development Goals.
Good Kumar said the Professor and continued.

Sustainable Development Goal 13 (SDG 13 or Goal 13) is about climate action and is one of 17 Sustainable Development Goals established by the United Nations in 2015. The official mission statement of this goal is to “Take urgent action to combat climate change and its impacts”. Goal 13 calls for urgent action to combat climate change and its impacts. It is intrinsically linked to all 16 of the other Goals of the 2030 Agenda for Sustainable Development. To address climate change, countries adopted the Paris Agreement to limit global temperature rise to well below 2 degrees Celsius. Sustainable Development Goal 13 urges to take action to combat climate change and its impacts. Climate change is now affecting every country on every continent. It is disrupting national economies and affecting lives, costing people, communities, and countries dearly today and even more tomorrow.

According to the United Nations Environment Programme(UNEP), Goal 13 has the following targets linked to the environment.

We read that across the world many countries have expressed to participate in this process said Ram another student.
Yes, it is part of the Paris agreement replied the Professor and asked the students, have you heard about the Paris agreement?
No sir said Vivek.
Let me explain, the Professor continued.

The Paris Agreement builds on the UN Framework Convention on Climate Change, and SDGs bringing all nations into a common cause to reduce greenhouse gas emissions rapidly and to strengthen the ability of countries to build resilience and adapt to the impacts of climate change, including through ensuring adequate support for developing countries.  Collectively, the three post-2015 agendas for action — the Paris Agreement, the 2030 Agenda for Sustainable Development, and the Sendai Framework for Disaster Risk Reduction – provide the foundation for sustainable, low-carbon, and resilient development under a changing climate.

The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 Parties at COP 21 in Paris, on 12 December 2015 and entered into force on 4 November 2016. Its goal is to limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels. To achieve this long-term temperature goal, countries aim to reach global peaking of greenhouse gas emissions as soon as possible to achieve a climate-neutral world by mid-century. The Paris Agreement is a landmark in the multilateral climate change process because, for the first time, a binding agreement brings all nations into a common cause to undertake ambitious efforts to combat climate change and adapt to its effects.

Why is the conference called COP21? asked Raj

The Paris Climate Conference is officially known as the 21st Conference of the Parties (or “COP”) to the United Nations Framework Convention on Climate Change (UNFCCC), the United Nations body is responsible for climate and is based in Bonn, Germany. The United Nations Framework Convention on Climate Change (UNFCCC) established an international environmental treaty to combat “dangerous human interference with the climate system”, in part by stabilizing greenhouse gas concentrations in the atmosphere.

How does the Paris Agreement work sir asked Lata

Implementation of the Paris Agreement requires economic and social transformation, based on the best available science. The Paris Agreement works on a 5- year cycle of increasingly ambitious climate action carried out by countries. By 2020, countries submit their plans for climate action known as nationally determined contributions (NDCs).In their NDCs, countries communicate actions they will take to reduce their Greenhouse Gas emissions to reach the goals of the Paris Agreement. Countries also communicate in the NDCs actions they will take to build resilience to adapt to the impacts of rising temperatures.

I think this will have benefit the world said, Ram

Yes Ram said Prof.Sen and replied

Putting a price on climate action to deliver the Paris Agreement goals is not straightforward. A 2019 World Bank estimate suggests the necessary global infrastructure investment would cost $90 trillion by 2030. However, the same study also found that the investment will be repaid four times over, whilst a 2018 New Climate Economy analysis suggests bold climate action would, on a conservative estimate, yield a direct economic gain of $26 trillion by 2030.

Ok, this is big said, Kumar.
The Professor found Raj in a pensive mood.
What is it Raj asked the Professor?
With some hesitation, Raj asked the Professor, Sir how can all this be implemented?
What do you mean by that asked the Professor?
Means sir how can we implement Net Zero, climate change, and achieve sustainability said, Kumar.
Professor Sen answered,

In many sectors of the economy, technologies exist that can bring emissions to zero. In electricity, it can be done using renewable and nuclear generation. A transport system that runs on electricity or hydrogen, well-insulated homes, and industrial processes based on electricity rather than gas can all help to bring sectoral emissions to absolute zero. However, in industries such as aviation, the technological options are limited; in agriculture too, it is highly unlikely that emissions will be brought to zero. Therefore some emissions from these sectors will likely remain; and to offset these, an equivalent amount of CO2 will need to be taken out of the atmosphere — negative emissions. Thus the target becomes ‘net zero’ for the economy as a whole. The term ‘carbon neutrality is also used. Sometimes a net zero target is expressed in terms of greenhouse gas emissions overall, sometimes of CO2 only. The only greenhouse gas that can easily be absorbed from the atmosphere is carbon dioxide.

How do we do this sir asked  Raj

Professor Sen replied,

There are two basic approaches to extracting it: by stimulating nature to absorb more, and by building technology that does the job.
Tell me how will you do it, Prof.Sen questioned the Students

Ok, I can guess now said Lata.
What asked Raj.
Grow plants to absorb more carbon dioxide answered Lata.
Very good Lata said the Professor. Others clapped.
Prof.Sen continued,

Plants absorb CO2 as they grow, through photosynthesis. Therefore, all other things being equal, having more plants growing, or having plants growing faster, will remove more from the atmosphere. The easiest and most effective approaches for negative emissions, then, are afforestation (planting more forest) and reforestation (replacing forest that has been lost or thinned).

What are the technical options sir asked Kumar? Prof.Sen replied

Technical options include bioenergy with carbon capture and storage (BECCS) and direct air capture. Bioenergy with carbon capture and storage (BECCS) is the process of extracting bioenergy from biomass and capturing and storing the carbon, thereby removing it from the atmosphere. Direct air capture (DAC) technologies extract CO2 directly from the atmosphere. The CO2 can be permanently stored in deep geological formations (thereby achieving negative emissions or carbon removal) or it can be used, for example in food processing or combined with hydrogen to produce synthetic fuels. 

Ok sir, can India achieve it asked Kumar.

At the recently concluded summit in Glasgow, Scotland, Prime Minister Narendra Modi announced India’s national goals to significantly improve the proportion of renewable energy in its installed capacity and be net zero by 2070. According to a study, to meet its goals of net zero, or being able to effectively eliminate carbon dioxide emissions by 2070, India will need close to $10 trillion. According to some experts, most of this money would be needed to significantly scale up generation from renewable energy and bring together the necessary integration, distribution, and transmission infrastructure. India also needs to invest in the industrial sector for setting up green hydrogen production capacity to advance the sector’s decarbonization. Green hydrogen is hydrogen gas made from renewable energy and can be used for many things, from heating to powering batteries as well as fuelling vehicles.

More than all this all the stakeholders have to participate in this whole process said the Professor.
How is this possible sir asked, Lata?
Have you all heard about the Race to Zero campaign asked the Professor?
What is it sir asked Raj? The Professor answered

Race to Zero is the UN-backed global campaign rallying non-state actors — including companies, cities, regions, financial and educational institutions — to take rigorous and immediate action to halve global emissions by 2030 and deliver a healthier, fairer zero carbon world in time. Race To Zero is a global campaign to rally leadership and support from businesses, cities, regions, and investors for a healthy, resilient, zero carbon recovery that prevents future threats, creates decent jobs and unlocks inclusive, sustainable growth. It mobilizes a coalition of leading net zero initiatives, representing 733 cities, 31 regions, 3,067 businesses, 173 of the biggest investors, and 622 Higher Education Institutions. These ‘real economy’ actors join 120 countries in the largest ever alliance committed to achieving net zero carbon emissions by 2050 at the latest. Collectively these actors now cover nearly 25% of global CO2 emissions and over 50% of GDP.

How did this start sir asked Raj

Race To Zero mobilizes actors outside of national governments to join the Climate Ambition Alliance, which was launched at the UN’s Climate Action Summit 2019(by UNFCCC). The objective is to build momentum around the shift to a decarbonized economy ahead of COP26, where governments must strengthen their contributions to the Paris Agreement. This will send governments a resounding signal that businesses, cities, regions, and investors are united in meeting the Paris goals and creating a more inclusive and resilient economy. As you are aware, The majority of countries have already set targets or committed to do so, for reaching net zero emissions on timescales compatible with the Paris Agreement temperature goals. Climate change presents the single biggest threat to sustainable development everywhere and its widespread, unprecedented impacts disproportionately burden the poorest and most vulnerable. Urgent action to halt climate change and deal with its impacts is integral to successfully achieving all Sustainable Development Goals (SDGs).

Source:  Prof.M.Guruprasad, UNIVERSAL BUSINESS SCHOOL