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Source: The post is based on the article “Use contextual tools and models to catalyse our climate transition” published in “Live mint” on 20th July 2023.
Syllabus: GS 3- Conservation, environmental pollution and degradation, environmental impact assessment
News: In this article the author discusses the importance of genuine and long-term business strategies in the climate transition, warning against short-lived tactics and emphasizing that eco-friendly investments are beneficial.
About carbon emissions data
Global Carbon Emissions:
Economic systems are now accounting for the cost of greenhouse gas (GHG) emissions.
Transition to a low-carbon economy is driven by various stakeholders.
Electric vehicles are a solution to replace traditional combustion engine vehicles.
Rice cultivation contributes 10% of global methane emissions, a GHG 25 times stronger than CO2.
India’s Carbon Emissions:
India ranks as the third-largest emitter worldwide.
Per capita emissions in India are one-fifth the global average.
With a growing middle class and manufacturing base, India’s emissions will rise.
What should be done to effectively catalyze the climate transition?
Adopt Low-Carbon Technologies: Embrace alternatives for carbon-heavy industries to reduce emissions. Electric vehicles can replace traditional combustion engine vehicles, minimizing automotive emissions.
Implement Digital Solutions: a) Optimizing supply chains can reduce carbon footprints, b) A McKinsey report highlights that 80% of an organization’s emissions come from its supply chain, signifying the importance of this optimization, c) Digital tools can monitor production processes, decreasing inefficiencies and waste, thus cutting emissions.
Encourage Innovative Food Production: Adopt technologies like CRISPR for different food production methods. Like, String Bio is a model example, using methane-based synthetic biology to improve rice yields by 30-40% while decreasing methane emissions by 60%.
Reduce Food Waste: a) It’s tied to 8-10% of all annual GHG emissions, b) Digital-enabled supply chains can help match demand with supply for perishable items, reducing waste rates to single digits.
Develop the Carbon Accounting Market: a) Transition from legacy accounting systems that overlook the costs of earth’s resources, b) The potential growth of the carbon accounting market is vast, with estimates suggesting a leap from $12 billion to $65 billion by 2030, c) Use software and hardware-led methods for scalable and authentic carbon measurement and reporting.
Promote Transparency and Accountability: Business opportunities in climate transition should prioritize transparency to counteract short-term opportunistic strategies like greenwashing.