Sunday proved to be revelatory in many ways as the Intergovernmental Panel on Climate Change’s (IPCC) Working Group 2, released the fifth Assessment report titled, ‘climate change 2014: Impacts, Adaptation, and Vulnerability.’
The lengthy report showcases the need for increasing action by human beings to change course and spend more to achieve climate targets by 2050.
Assessment Report busts $100 spend
The gist of the report reads that in order to prepare the world for warmer living environment, newer equipment and systems would cost developing nations more than $500 billion in a year. Earlier predictions, which are part of the Adaptation Gap Report, by the IPCC had lain per year spend by a nations at $100 billion.
Explaining the contents of the Assessment Report, Achim Steiner who is the Executive Director of United Nations Environment Program remarked that the report was very powerful in many ways.
Powerful reminder of inaction
Steiner propounds that the report highlights that the price that humanity has to pay for ‘inaction’ as regards containing climate change is a ‘real price tag.’ He reiterated that the discussions and debates on the response from economies towards the higher price tag have to be real and relate to terms of climate change required.
Cap of 2 degree Celsius proving costly?
The report also attempted to highlight the continued costs of achieving the global warming benchmark. The cap on global warming is currently poised at 2 degree Celsius and all policies are aimed at achieving this cap. Therefore, the report raises facts that the costs of achieving the required infrastructure to sustain the cap will continue to rise.
Steiner remarked that the impact of the climate change has impacted budgets of national budgets. The increase or escalation in sustaining climate change demands cost implications. This affects grass-root levels as well. Communities, taxpayers, businesses as well as national budgets will have to bear the costs of economic changes.