The cost of climate change is rising at an alarming pace, with ripple effects being felt across communities and the global economy. More frequent and extreme weather events, exacerbated by climate change, are disrupting supply chains, displacing people from their homes and causing disaster response and recovery costs to skyrocket.
Climate change already costs many billions today and threatens to reduce global GDP by as much as 14%, or $23 trillion, by 2050, according to a Swiss Re Institute report, even if some mitigating actions are taken. Our collective future is at risk.
Yet in the face of one of humanity’s greatest challenges – tackling and adapting to climate change – there is tremendous opportunity to be seized. According to the International Energy Agency, investments in clean energy have the potential to boost global GDP by 4% by the end of this decade alone. Transitioning to a clean energy system and rapidly decarbonising the planet can be the growth driver of the 21st century if we act now, together. For an asset owner and investor like Temasek, we have a fiduciary duty to invest responsibly for sustainable returns over the long term, and also, to create a future for generations to come.
This means deploying capital meaningfully to catalyse innovations and scale solutions, to contribute as best as we can towards limiting global warming to 1.5ºC, to support the development of a green economy and a just transition to foster resilience in our communities, businesses, and economies.
Temasek has since committed billions of dollars to support technology-based and nature-based solutions through platforms such as GenZero, as well as invested into companies developing next-generation renewables, mobility and agriculture technologies and solutions to drive decarbonisation.
Many countries across Asia also lack access to sufficient financing to fully develop low or zero-carbon infrastructure. To that end, through Pentagreen Capital, our partnership with HSBC, we are contributing towards closing the funding gap for marginally bankable and innovative sustainable infrastructure projects, especially in the renewable energy and energy storage, clean transport, and the water and waste management sectors, and we encourage others from the private, non-government and philanthropic sectors to do the same.
While the global agenda is understandably dominated by today’s immediate challenges, we cannot ignore the climate crisis – there are no returns on a dead planet. Everyone – from governments to corporates and communities – must lean in and do what we can to accelerate the global transition to a clean energy system.
Governments play a critical role in creating environments that can enable and support the transition at scale. With visionary, pro-climate policies in place, investors and businesses can have clarity and confidence to take action for the short and long-term, unlocking the immense investment opportunities and sustained momentum needed to grow the industries we need to secure a sustainable future: this is a pro-growth, pro-jobs agenda.
For countries to reduce their emissions and deliver on their national climate targets under the Paris Agreement, more transformative investments in climate change and the transition to clean energy are required. Further investments and partnerships are needed in renewables, electrification and energy efficiency to meet growing business demand and scale the clean energy solutions available today – and those yet to be developed.
Almost 400 companies, including some of the world’s largest, are working toward reaching 100% renewable electricity by an average target date of 2031, and in doing so contributing to global demand for a clean energy system. Some companies, including Apple, Google and Microsoft, have already reached or exceeded their targets.
Alongside better returns and business benefits, investment in a clean energy system will support communities by cleaning the air we breathe and creating stable jobs. According to the International Energy Agency’s (IEA) World Energy Outlook in 2021, air pollution contributes to more than 5 million premature deaths each year. On a trajectory of reaching net-zero emissions globally by 2050, an estimated 14 million new clean energy jobs could emerge by the end of this decade, with an additional 16 million workers switching to new roles in clean energy.
The global clean energy market is growing at pace which makes this an optimal moment to invest at scale. Investments in renewable energy, electrification and energy efficiency are now matching investments in fossil fuels, according to analysis by BloombergNEF. However, by 2030 we need nine times more investment in clean energy than fossil fuels to reach net zero by 2050[1]and limit the devastating impacts of climate change that are more likely as average global temperatures rise. It is simply sound economics and smart risk management.
A global clean energy system will benefit people, businesses and economies everywhere. Convenings in 2023, such as the G7 Summit, G20 Summit, UN Secretary-General’s Climate Action Summit, COP28, and also Temasek’s flagship sustainability advocacy and engagement conference Ecosperity Week, are global and regional platforms to showcase historic leadership, and the energy transition requires nothing less. Good public policy can unlock innovation and investment. It is only with bold, collaborative action that we can rewrite this story of climate risk, to one of opportunity.
Steve Howard is Vice Chairman, Sustainability at Temasek and Founding Chair of We Mean Business Coalition.
The theme of this year’s Earth Day is “Planet vs. Plastics” – a theme chosen to raise awareness of the damage done by plastic to humans, animals and the planet and to promote policies aiming to reduce global plastic production by 60 percent by 2040.
As our chart shows, global plastics use has increased rapidly over the past few decades, growing 250 percent since 1990 to reach 460 million tonnes in 2019, according to the OECD’s Global Plastics Outlook, which projects another 67-percent increase in global plastics use by 2040 and for the world’s annual plastic use to exceed one billion tonnes by 2052. As our chart shows, packaging is the largest driver of global plastics use, which is why a rapid phasing out of all single use plastics by 2030 is one of the policy measures proposed under EARTHDAY.ORG’s 60X40 framework.
Other major applications of plastics include building and construction, transportation as well as textiles, with the fast fashion industry particularly guilty of adding to the world’s plastic footprint. “The fast fashion industry annually produces over 100 billion garments,” the Earth Day organizers write. “Overproduction and overconsumption have transformed the industry, leading to the disposability of fashion. People now buy 60 percent more clothing than 15 years ago, but each item is kept for only half as long.” Most importantly, the organization points out that 85 percent of disposed garments end up in landfills or incinerators, while just 1 percent are being recycled.
Felix Richter is a Data Journalist
This article was first published in the Statista.com.
Algeria’s Tassili N’Ajjer plateau is Africa’s largest national park. Among its vast sandstone formations is perhaps the world’s largest art museum. Over 15,000 etchings and paintings are exhibited there, some as much as 11,000 years old according to scientific dating techniques, representing a unique ethnological and climatological record of the region.
Curiously, however, these images do not depict the arid, barren landscape that is present in the Tassili N’Ajjer today. Instead, they portray a vibrant savannah inhabited by elephants, giraffes, rhinos and hippos. This rock art is an important record of the past environmental conditions that prevailed in the Sahara, the world’s largest hot desert.
These images depict a period approximately 6,000-11,000 years ago called the Green Sahara or North African Humid Period. There is widespread climatological evidence that during this period the Sahara supported wooded savannah ecosystems and numerous rivers and lakes in what are now Libya, Niger, Chad and Mali.
This greening of the Sahara didn’t happen once. Using marine and lake sediments, scientists have identified over 230 of these greenings occurring about every 21,000 years over the past eight million years. These greening events provided vegetated corridors which influenced species’ distribution and evolution, including the out-of-Africa migrations of ancient humans.
These dramatic greenings would have required a large-scale reorganisation of the atmospheric system to bring rains to this hyper arid region. But most climate models haven’t been able to simulate how dramatic these events were.
As a team of climate modellers and anthropologists, we have overcome this obstacle. We developed a climate model that more accurately simulates atmospheric circulation over the Sahara and the impacts of vegetation on rainfall.
We identified why north Africa greened approximately every 21,000 years over the past eight million years. It was caused by changes in the Earth’s orbital precession – the slight wobbling of the planet while rotating. This moves the Northern Hemisphere closer to the sun during the summer months.
This caused warmer summers in the Northern Hemisphere, and warmer air is able to hold more moisture. This intensified the strength of the West African Monsoon system and shifted the African rainbelt northwards. This increased Saharan rainfall, resulting in the spread of savannah and wooded grassland across the desert from the tropics to the Mediterranean, providing a vast habitat for plants and animals.
Our results demonstrate the sensitivity of the Sahara Desert to changes in past climate. They explain how this sensitivity affects rainfall across north Africa. This is important for understanding the implications of present-day climate change (driven by human activities). Warmer temperatures in the future may also enhance monsoon strength, with both local and global impacts.
Earth’s changing orbit
The fact that the wetter periods in north Africa have recurred every 21,000 years or so is a big clue about what causes them: variations in Earth’s orbit. Due to gravitational influences from the moon and other planets in our solar system, the orbit of the Earth around the sun is not constant. It has cyclic variations on multi-thousand year timescales. These orbital cycles are termed Milankovitch cycles; they influence the amount of energy the Earth receives from the sun.
On 100,000-year cycles, the shape of Earth’s orbit (or eccentricity) shifts between circular and oval, and on 41,000 year cycles the tilt of Earth’s axis varies (termed obliquity). Eccentricity and obliquity cycles are responsible for driving the ice ages of the past 2.4 million years.
The third Milankovitch cycle is precession. This concerns Earth’s wobble on its axis, which varies on a 21,000 year timescale. The similarity between the precession cycle and the timing of the humid periods indicates that precession is their dominant driver. Precession influences seasonal contrasts, increasing them in one hemisphere and reducing them in another. During warmer Northern Hemisphere summers, a consequent increase in north African summer rainfall would have initiated a humid phase, resulting in the spread of vegetation across the region.
Eccentricity and the ice sheets
In our study we also identified that the humid periods did not occur during the ice ages, when large glacial ice sheets covered much of the polar regions. This is because these vast ice sheets cooled the atmosphere. The cooling countered the influence of precession and suppressed the expansion of the African monsoon system.
The ice ages are driven by the eccentricity cycle, which determines how circular Earth’s orbit is around the sun. So our findings show that eccentricity indirectly influences the magnitude of the humid periods via its influence on the ice sheets. This highlights, for the first time, a major connection between these distant high latitude and tropical regions.
The Sahara acts as a gate. It controls the dispersal of species between north and sub-Saharan Africa, and in and out of the continent. The gate was open when the Sahara was green and closed when deserts prevailed. Our results reveal the sensitivity of this gate to Earth’s orbit around the sun. They also show that high latitude ice sheets may have restricted the dispersal of species during the glacial periods of the last 800,000 years.
Our ability to model the African humid periods helps us understand the alternation of humid and arid phases. This had major consequences for the dispersal and evolution of species, including humans, within and out of Africa. Furthermore, it provides a tool for understanding future greening in response to climate change and its environmental impact.
Refined models may, in the future, be able to identify how climate warming will influence rainfall and vegetation in the Sahara region, and the wider implications for society.
Edward Armstrong is a postdoctoral research fellow, University of Helsinki
A new draft text on global stocktake has been published at the UN climate summit, COP28 UAE, on Wednesday morning. While the draft text does not contain the words “phase out”, it includes reference to transitioning away from all fossil fuels to enable the world to reach net zero by 2050.
The text published by the UN’s climate body calls on parties to accelerate and substantially reduce non-carbon dioxide emissions worldwide with a focus on reducing methane emissions by 2030. “We all want to get the most ambitious outcome possible,” Majid Al Suwaidi, COP28 Director-General, said on Tuesday.
The text, published early Wednesday, does not specifically refer to oil, but mentions the need to ‘phase-down’ coal. It says that it recognises the need for ‘deep, rapid and sustained reductions in greenhouse gas emissions in line with 1.5C pathways and calls on Parties to contribute to global efforts.
Among those efforts it recognises the need to triple renewable energy capacity by 2030 and doubling the annual rate of energy efficiency improvements by the same date. It also recognises the need to accelerate the phase-down of coal and accelerate towards net zero energy systems, utilising zero or low carbon fuels by mid century.
While the document does not mention oil or combustion engines, it does recognises the need for accelerating the reduction of emissions from road transport on a range of pathways, including through development of infrastructure and rapid deployment of zero and low-emission vehicles. It also recognises the need to phase out inefficient fossil fuel subsidies that do not address energy poverty or just transitions, as soon as possible.
Finance specifics
On the subject of finance, the document said developed countries should continue to take the lead in mobilising climate finance from a wide variety of sources, instruments and channels, noting the significant role of public funds, through a variety of actions, including supporting country-driven strategies, and taking into account the needs and priorities of developing countries.
Such mobilisation of climate finance should represent a progression beyond previous efforts, the text said. It may provide small comfort to campaigners from developing countries who implored Parties to begin the phase out of fossil fuels and provide vastly improved access to funding for renewables.
The document highlights the persistent gap and challenges in technology development and transfer and the uneven pace of adoption of climate technologies around the world.
It further urges Parties to address these barriers and strengthen cooperative action, including with non-Party stakeholders, particularly with the private sector, to rapidly scale up the deployment of existing technologies, the fostering of innovation and the development and transfer of new technologies.
It also emphasizes the ongoing challenges faced by many developing country Parties in accessing climate finance and encourages further efforts, including by the operating entities of the Financial Mechanism, to simplify access to such finance, in particular for those developing country Parties that have significant capacity constraints, such as the least developed countries and small island developing States.
