By Minnah Elizabeth Abraham
The issue of climate change is an unavoidable concern across the globe, which calls for international institutions and governments to fully invest in climate change and sustainability policies before it becomes too late. Now, what does it mean by the COVID 19 pandemic paving the road toward a sustainable world? Nations have witnessed a 4-7 per cent decrease in the annual carbon dioxide emissions during the global shutdown. The reduction of 50-80 per cent of Air traffic has begun to change the mindset of people to rethink their connection with nature and the need to change their busy lifestyle.
In the imperfect world, we live in; the largest economic stimulus packages have been introduced to transition the global financial crisis in a way to combat the climate change. These changes and economic policies, combined with changing consumer behaviour would enable the world to move forward, preparing itself to combat the climate crisis. Thus, anticipating the needful responsibilities towards net-zero emissions by investor companies and commercial industry to become standard practice before the decade's
over. All sectors—including those that are discharging serious emissions that may have indicated obstruction in earlier years—will take an interest in the progress towards the low-carbon economy, since companies perceive the dangers and opportunities connected to proactively addressing to the combat climate change. Some of the policy instruments involve supporting low-carbon technologies, eco-constructions, or eco-design policies, even including investments in R&D for ecological purposes. Further, more conventional instruments such as subsidising polluting air or road transport manufacturers or fossil fuel companies were also presented.
The unprecedented change in economic movement due to the coronavirus has additionally indicated that numerous business industries can reinvest and redirect themselves. Attire and design brands over the globe have quit fabricating dress and started producing masks, automobile and energy corporations have begun manufacturing and revamping ventilators, and perfume businesses have been producing hand sanitiser. This adaptability proposes that adjusting plans of action to be feasible and sound for the planet might be simpler than predictably envisioned.
As per the research conducted, particularly five sectors have the requisite to recover quicker and lead the economies, which is affected by the pandemic, subsequently improving the climate change risks. One of them is investing increasingly on ecological infrastructures, for example, low-carbon energies, the improvement of energy storage frameworks, innovative solutions for managing electricity and heat systems or low-carbon versatility alternatives. By putting all the investment in these divisions, which are
additionally bolstered by Green New Deal advocates, we could restore the economy while having a progressively positive effect on ecological standards. Secondly, the education sector combined with the development of advanced skills along with facilitating environmental responsibility necessary for promising future employment. Thirdly, the investment in ‘natural capital’ focusing on restoring forests and ecosystems, working on environment-friendly agricultural methods with a long-term goal in protecting the global environment. Fourthly, on R&D focusing on improvement of eco-compatible sector viz. energy, waste reduction, renewable sector, automobile, storage and at best the circular economy with the end-goal to being in the coordination of conscious consumers and industrial sector to develop innovative renewable methods with an understanding towards the ecological limits. Finally, focusing on renewable ways to consider the replacing or substituting over-consumption of fuels in the automobile, logistics and transportation sector and investing in fossil fuels.
The reviving of the financial crisis in the aftermath of the pandemic renders the right opportunity to adopt new habits and create a renewable structure with the mindset of eco-consciousness. The opportunity to replace the hustle-bustle of the commercial sector after witnessing the beautiful planet amidst the halt of population movements due to lockdown gives us a message to execute the profound, structural and long-
term changes, a sound planet and a deserving society need.
Nevertheless, the Carbon Disclosure Project (CDP), the FTSE4GOOD along with the Global Reporting Initiative also known as SDGs frameworks are making way towards recommending metrics on social and environmental issues which can and should be taken into consideration. A paradigm shift is needed toward investing in ecological standards and key developments in the ESGs, impact-focused platforms towards the
sustainability. Law-makers along with ecology researchers across the world are working hand-in-hand to provide a greener, cleaner and more secured future to everyone, with a preparedness to combat the climate risk.