Business Environment Essay: Climate Emergency & Issues of Adapting Green Economy
Task: Write a detailed business environment essay on the topic “Climate emergency and challenges of adapting greener economy”.
Climate emergency and the challenges of transitioning to greener economy
It can be stated herein business environment assignment that climate emergency is defined as the situation in that certain action urgently taken to diminish climate change (Manzanedo & Manning, 2020). In this way, within the economy potential irreversible environmental damage can happen due to climate emergencies. The UK is the first country that declares such kind of emergency. In the country, a climate emergency is demonstrated as a change that enhances income inequalities among different nations. Hence, it results in a negative impact in many developed countries. The Climate crisis also describes global warming that considers climate change and certain consequences. This term is used in the greater economy to describe the threat of global warming on the planet.
On the other hand, argument can be made that human activities are causes of emergency or change of climate (Taylor, O'Brien & O'Keefe, 2020). The concentration of gases of greenhouse on the atmosphere is generally linked with the average temperature at the time of the industrial revolution. However, there are several effects and impacts of climate change or emergency that increases the frequency and magnitude of the extreme level of weather from droughts, flooding, winter storm, etc. However, said that climate emergency also creates major effects in emission reduction targets in the agreement of their work (Allan, Donovan and Zenghelis, 2020). There are only 20 top economies of the world that is an account for 78% of global emissions to meet with targets and diminishing of greenhouse gas reduction in the Paris Agreement. It is the first country in which the first legal instrument for set explicit temperature target. This is pushing countries for keeping the average global temperature rising to below 20C.
Perceptions can be made that over the last few months, it can be stated that with climate emergency in the UK there are several extraordinary things successfully develop (Clarke & Sahin-Dikmen, 2020). Furthermore, the UK gets successful progress in reducing carbon emissions from energy and industry. Due to this reason, government intervention is taking very tightly that strengthens that ultimately regulate social and environmental disclosure. Therefore, in the second term government can easily support the bank and drive through clear taxonomy with green investment. Hence, it is essential to focus on the following Bank of France to determine 'Climate Stress testing'. It is legally binding.
Apart from this, Robins, Tickell and It is essential to diversify the landscape in the financial institutions that are away from banks and institutional investors (Sudmant, 2020). At a global pace diverse and socially responsible banking ecosystem is develop that is more resilient and sustainable that makes better and green innovation in the greater economy. Along with this, all people need to prioritize successful green infrastructure that is considered with natural processes and solutions. In this way, it is made to manage water, waste, and many of the resources that pouring more concrete.
However, new evidence is generally emerging that rewinding scheme is undertaken in a remarkable climate and provide several benefits. Based restoring the coastal ecosystem is determines an atmosphere that is far faster than the current system as man-made (Boyle, Crone and McClelland, 2020). In successfully capture technology, the company can exist in the stock market for the match share price in launching a campaign. In addition to this, all of the long-term rehabilitation and recovery are taking in stabilize in the natural world but it is also in critical condition. In the long term perspective, ideologies and frameworks established that govern the greater global economy. Furthermore, climate change is generally considered as a defining crisis that is happening faster as people generally feared. People are far from powerless in terms of global threats (Leigh, Molthan-Hill & Jackson, 2020). From the one article in September, this climate emergency is taking race that we are losing. This race can be winning by people easily. In a greater economy, rising temperature is enhanced due to degradation, weather extremes, food, and water insecurity, etc. Due to the increasing climate emergency, there are several other issues increases in the greater economy of all over the global environment. Hence, it is clear that business is not undertaking usually good enough so that climate change reaches irreversible high.
Global warming impact on the security of each person water and food. Climate emergency is directly causing soil degradation that is limit with the amount of carbon that exists on earth that highly contains (Cole brander, Lazar & Altenburg, 2019). There are more than 500 million people generally affected by erosion. Climate change also limits availability and water quality towards agriculture and drinking. In many regions, crops thrive for several centuries that increase the struggle for survival, and making food security is the most precious aspect. In other words, this creates an impact on tend to fall primarily in poor vulnerable (Webb, Scott & Broekhoff, 2020). From a greater economic perspective, global warming is one of the essential components so that economic output between the richest and poorest countries is calculated with climate emergency.
Disasters are generally linked with climate and weather that is extremes that is a most essential part of the Earth ecosystem. It is frequent and intense in the world warms. It creates a major impact due to heatwaves, typhoons, etc. Natural disasters are generally classed that is related to the climate emergency (Nikologianni, Betta & Angeli, 2020). Costing is also increased which enhances poverty as well. This is a major threat that increases problem security and peace. The main effect of climate change increase competition for different kind of sources that includes food, water, and land. It is leading to mass displacement. However, Climate emergency is one of the greater risk multipliers that demonstrates a worse impact than the existing challenges (Devine-Wright, 2019). America and Africa face the major issue of drought that increase political unrest and violence. Within the whole world, it has been estimated that the absence of action more than 140 million people are generally forced till 2050 regions.
It can be pointed out that generally, science tells that climate change or emergency is irrefutable that is too late in the tide (Taylor, O'Brien & O'Keefe, 2020). This is required to consider perfect transmission from all kinds of perspectives. Technology contributes to major participation in climate change and an emergency that is creating a major impact on the greater economy. Along with this, environmental degradation is the main aspect due to which climate emergency takes place. Hence, different kinds of causes exist that are related to this problem. For instance, fossil fuel power generation, deforestation, mass consumerism, contamination in the sea, etc.
Economic development with industrialization generally encompasses in developing nations (Donovan & Zenghelis, 2020). Employment and economic growth are considered several benefits that are associated with urbanization. Industrial farming and the spreading of the modern consumer lifestyle are also related to this aspect that needs to be handle to reduce climate emergency.
Transition economies are taking certain changes from the central planning within the markets (Colenbrander, Lazar & Altenburg, 2019). In early 1980s communism collapse and countries are getting former registration from the Union of Soviet. It generally includes Poland, Hungary, etc. Longer-term constraint on development determines dealing with short term difficulties. Several issues take place that creates an impact on the greater economy. The main challenge is raising unemployment because many transition economies are generally experienced as newly privatized businesses tried to become more efficient. The states are generally owned factories that tends to give work to several needy people, when privately people enter the market (Nikologianni, Betta & Angeli, 2020). As per the newly established private business, it is essential to perform functions in greater competition for more efficiency increment. It is also related to greater competition exist in the market that is driven for ascertains perfect targets. Along with this, a decrease in state bureaucracy means most of staff members lost their jobs.
Figure 1 Decline graph of raise unemployment
Another greater economy effect explained by another author that is raising inflation in many transition economies that are experienced price inflation that is resulting in removal in price control that imposed by the government (Nikologianni, Betta & Angeli, 2020). It happens in the newly privatized firms began that make changes in prices and reflect on the true cost of production. Along with this, a maximum number of entrepreneurs are exploited with the position that increases prices in attempting to profitability in a particular situation. It is very difficult to take reforms in economies that promote capitalism. Besides, a global environment greater economy there is the largest skills gap with several workers having the necessary skills needed by staff members in the privatized business.
Corruption is supposed that is extensive in early years of transition among many countries. Several of products in the market are poorly made and sold which is an unregulated and illegal market. There are claimed in criminal gangs that are widespread racketeering that is filled and deposed communist regimes. In greater economy, lack of infrastructure in transition is also created a major impact. It also suffered due to lack of capitals that is established as a new method or technology that is needed for production ineffectively. This happen due to low capital investment from foreign country investors. It is encouraged with the inflow of investment from other foreign countries.
Furthermore, lack of sophisticated system in the market is also a challenging situation under communism. Several states owned all kinds of key productive assets with little incentive for the development of the sophisticated legal system. It is determined to fight against the violation of consumers or customers rights. Moreover, it can also protect rights by using the legal process. It is a large absence of former communists in transition economies. There is the larger problem is moral hazards implies in an inferior performance that can also arise when the risk associated in term of poor performances that insured against. For instance, when an individual insures content regarding house against theft. These people generally refuse to consideration of transition economies. Under the communist people, it can be stated that the country would guarantee against the risk with the global competition that includes the risk of losing works or jobs. There are several results or consequences among many people that remained inefficient and unproductive. Hence, it is known as employment prospects that not be diminished.
Inequality is another kind of challenge in term of transition and greater economy (Nikologianni, Betta & Angeli, 2020). It lead to increasing difference and inequality so that powerful people exploite position. Among owners and businessman within communities so that others suffered from unemployment and rising inflation. These are major issues and problems that encounter as challenges in the greater economy.
Books and Journals
Boyle, M., Crone, S. and McClelland, A.G., 2020. Cities and the climate and ecological emergency: The Liverpool City Region response. Journal of Urban Regeneration & Renewal, 13(4), pp.365-379. Devine-Wright, P., 2019. Community versus local energy in a context of climate emergency. Nature Energy, 4(11), pp.894-896.
Leigh, J., Molthan-Hill, P. and Jackson, D., Carbon Literacy Exercise for the Climate Change Emergency—a Very Real Business Challenge. In 2019 ABEN Conference-Combined abstracts (p. 59).
Manzanedo, R.D. and Manning, P., 2020. COVID-19: Lessons for the climate change emergency. Science of the Total Environment, 742, p.140563.
Nikologianni, A., Betta, A. and Angeli, M., 2020. New Integrated Approaches to Climate Emergency Landscape Strategies: The Case of Pan-European SATURN Project. Sustainability, 12(20), p.8419.
Robins, N., Tickell, S. and Sudmant, A., 2020. Financing climate action with positive social impact: how banking can support a just transition in the UK.
Taylor, P.J., O'Brien, G. and O'Keefe, P., 2020. Cities Demanding the Earth: A New Understanding of the Climate Emergency. Bristol University Press.
Webb, M., Scott, A. and Broekhoff, D., 2020. Urban energy and the climate emergency: Achieving decarbonisation via decentralisation and digitalization.