The world’s challenges are coalescing in an awful hellscape. Today, the world is unravelling with escalating geopolitical tensions and mounting global challenges. The time calls for a sea change indeed! UN Sustainability Week is one such initiative that has heralded a vital leap forward, championing a tangible transformation towards sustainable living through a tapestry of both minor and monumental endeavours.
General Assembly of the United Nations witnessed its first-ever sustainability week recently. Its root goes back to the year 2015 when Sustainable Development Goals (SDGs) came as a 17-point rescue plan to deal with the 3rd generational macroeconomic and social concerns. However, the rescue plan needs rescuing itself. With only 15 per cent of the targets on track to be reached by 2030 and several regressing, it’s evident that significant efforts are required to advance towards the SDGs.
It is widely acknowledged that several nations in the Global South are struggling with the debilitating weight of substantial debts, which they must service. Moreover, they are expected to mobilise domestic resources to finance the SDGs, further aggravating their challenges – a situation akin to Hobson’s choice – where the choice is between investing in improving people’s standard of living or repaying their debts and interest.
According to a report, the worldwide public debt climbed to $235 trillion of the global GDP in 2023, marking a 9 per cent increase compared to 2019. Notably, this escalation has been faster in developing nations, reaching a concerning $11.4 trillion.
For many emerging economies, investing in high-quality infrastructure poses significant challenges. Especially for Least Developed Countries (LDCs), Landlocked Developing Countries (LLDCs) and the Small Island Developing States (SIDs), the infrastructure financing gap is estimated to surpass $1 trillion annually. The annual cost of infrastructure damage caused by severe hazards is estimated to exceed $700 billion.
Around the globe, sustainability-led climate disasters are snowballing. Consider the recent incident in Baltimore where a bridge collapsed, its impact rippled around the US and many other nations globally. This underscores the necessity for infrastructure designed to withstand the test of time, minimising the need for frequent reconstruction – a common issue worldwide. The Caribbean and Pacific regions have also witnessed this challenge in the form of recurrent hurricanes, wreaking havoc and stalling progress. To summarise, sustainability demands a shift in the way the resources are being used.
The world is indulging in regress conversations and summits on climate change centres to stick to the crucial 1.5-degree temperature threshold to deal with global warming. This year, the month of March, the hottest on record, reinforces the pressing call for action. The burgeoning expansion of renewable energy, exceeding forecasts, not only underscores an opportunity to confront entrenched inequalities but demands urgent action.
Considering the alarming statistics, over 675 million people globally have no reliable access to electricity, while 2.3 billion rely on polluting fuels for cooking. Now that’s the reality behind modern growth and development! To combat this, the areas of focus ought to be:
- Closing the energy access gap
- Reliably transitioning to decarbonised energy systems
- Addressing energy’s interlinkages
- Strengthening partnerships and the means of implementation
To oil the wheels of all 17 SDGs (a $1.4 trillion industry), tourism can play a crucial role in economic advancement, serving as a lynchpin of many economies. It can muscle up employment generation, foreign currency earnings and tax revenues, especially significant for SIDs since it makes up to 80 per cent of their national exports.
The only silver bullet here is recalibration for a more equitable global financial framework which can enhance public-private partnerships, particularly for technology transfer to developing nations, enabling them to borrow from multilateral(s) like the IMF, the World Bank as well as commercial markets at more reasonable rates with extended amortization. Fossil fuel companies seeking to be part of the solution must take the lead in transitioning to renewables, abandoning dirty production and ceasing support for climate denial. Africa, a land rich in resources, holds 60 per cent of the world’s solar capacity but has attracted only 2 per cent of renewable investments. It is imperative to embark on more concerted and inclusive endeavours.
Alongside, there is a dying emergency to enact legislation or amend existing laws to authorise the implementation of Carbon Tax. Also, there shall be a complete revamp that is needed by rethinking conventions, flipping the orthodoxies, government(s)-organisation(s) cooperation and urging global citizens to wake up to the urgency of the situation. It’s time for bold and immediate action(s) – the creation of prospects for green mining, phasing out fossil fuel subsidies etc. Keeping promises and supporting developing nations is key. Writing off debts and freeing up $1 trillion for climate resilience shall be steps in the right direction. Committing to a circular economy, embracing new resilient food systems and cutting waste by 20 per cent could further have a ripple impact. Developed nations should strive to achieve net zero emissions to the least by the year 2035.
The antidote to 21st-century problems cannot be 20th-century implements akin to peddling some snake oil. While deep reforms require time, we can take decisive action now instead of resorting to scapegoating and delay tactics.
‘Doing’ is the new learning! Remember, when it comes to sustainability, the choice is not only ours but an inescapable demand of the planet. Together we CAN!
Dr Megha Jain, Assistant Professor, Shyam Lal College, University of Delhi, India, [email protected]; Vanyaa Gupta, Seasoned Technocrat, Delhi, India. Views expressed in the above piece are personal and solely that of the author. They do not necessarily reflect News18’s views.
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