In Business, By MyFinance Staff, on March 6, 2024

An Updated Overview of Climate Change

The climate system, comprised of the atmosphere, lithosphere, cryosphere, and hydrosphere, is a complex network where carbon dioxide, water, and energy are exchanged. These interactions normally govern our climate patterns. However, disruptions can occur due to natural phenomena or human activities, leading to various impacts. Recent scientific findings have shed light on alarming aspects of climate change.

Record-Breaking Temperatures: 2023 Marks a New High

In 2015, during a summit in Dubai attended by representatives from nearly 195 countries, a global warming limit of 1.5 °C was established to motivate nations to mitigate climate change. Until recently, the rate of global warming had been kept below this threshold. Nonetheless, the Goddard Institute of Space at NASA in New York observed a sharp temperature increase in the summer of 2023, marking it as one of the hottest on record since 1880. Al Jazeera, among other sources, later confirmed that in 2023, global temperatures exceeded the 1.5 °C limit, with January 2024 setting a record as the warmest month in comparison to previous years.

As global temperatures hover around the 1.5 °C mark, experts caution against the rise in extreme weather phenomena, including severe droughts and more frequent hurricanes due to warmer ocean temperatures.

Antarctica’s Ice Sheet Meltdown: A Global Flood Threat

The Antarctic ice sheet, spanning approximately 14 million square kilometers, is under threat. Research on a 2,000-foot-long ice core revealed that the West Antarctic ice sheet significantly diminished around 8,000 years ago. Eric Wolf from Cambridge posits that current temperature surges could trigger a similar, rapid shrinkage, potentially raising sea levels by around five meters and devastating coastal communities worldwide. The vulnerability of the West Antarctic ice sheet to climate change underscores the urgency of curbing global warming.

Rising Greenhouse Gas Concentrations

The greenhouse effect, primarily caused by emissions of methane and carbon dioxide, is a significant driver of climate change. Pre-industrial carbon dioxide levels stabilized at 280 ppm but soared to 413.2 ppm by 2020, a 50% increase attributed mainly to emissions from countries like China and the United States. This accumulation of greenhouse gases traps more heat in the atmosphere, contributing to global warming.

Empowering Women: A Strategy Against Climate Change

Climate change disproportionately impacts vulnerable groups, particularly women, who constitute up to 80% of those displaced by its effects. Women in developing nations face increased burdens, such as traveling farther for water and food due to climate-induced droughts. Despite their significant impact, women’s voices are often underrepresented in climate change mitigation discussions. Promoting female education and participation in decision-making is crucial in addressing climate challenges.

Ocean Warming: A Pressing Concern

The world’s oceans have absorbed about 90% of the heat produced by greenhouse gases over the past decade, with surface temperatures rising by approximately 0.13 °C per decade for the last century, according to the US National Oceanic and Atmospheric Administration. This warming has led to sea level rise, disruption of marine life breeding grounds, and coral bleaching. Without effective countermeasures, the situation will likely worsen.

Economic Implications of Climate Change

Climate change poses a significant threat to economic stability through the destruction of infrastructure and impacts on essential sectors like agriculture, fisheries, and tourism. Studies by Jeremy Martinich and Allison Crimmins indicate that climate change could cost the U.S. economy up to $520 billion annually with a 4.5 °C temperature increase. Morgan Stanley reports that climate disasters have already resulted in around $415 billion in losses for North America in recent years.