The terrible truth is that climate change is not just an environmental problem; but an economic and human rights one too, since millions of people are being forced to flee their homes by intense heat waves and the threat of rising sea levels to entire coastal communities. On Earth Day (April 22) , let us recognise that a viable and flourishing civilisation is predicated on a healthy planet.

Millions of people have already been displaced by climate-related floods and droughts, which have forced them into poverty and compromised their ability to get basic necessities. The homes and livelihoods of entire island-nations are at risk due to rising sea levels. Millions of people’s most basic human rights are at stake in the fight against climate change.

The Internal Displacement Monitoring Centre (IDMC) estimates that climate disasters displaced over 33.2 million people globally in 2021. The World Bank projects that by 2050, unchecked climate change could cause over 216 million people to become climate migrants within their own countries.

The World Bank also estimates that climate change could push over 100 million people into poverty by 2030. The link between poverty and displacement is strong, as poorer communities often lack the resources to adapt to climate shocks.

According to World Food Programme projections, an additional 26 million people may experience chronic hunger by 2050 as a result of climate change. Coastal populations’ means of subsistence and food security are further threatened by rising sea levels, which also pose a threat to houses, farms, and fisheries.

According to an Intergovernmental Panel on Climate Change (IPCC) assessment, in the case of low emissions, sea levels are expected to increase by 0.3-0.8 meters by 2100. And this could submerge low-lying areas and force millions of people living in island-nations to migrate.

Sustainable development

Green infrastructure, sustainable agriculture, and renewable energy investments are beneficial to businesses as well as the environment. These industries provide long-term economic growth that is independent of resource depletion, generate new jobs, and stimulate innovation. A healthy earth is essential to a flourishing economy.

According to International Renewable Energy Agency (IRENA), the number of jobs in the worldwide renewable energy sector is expected to increase from 12 million in 2023 to 14.3 million by 2050. A Business Benchmark on Farm Management report from 2023 reveals that compared to conventional farms, sustainable farms typically employ 12 per cent more people per hectare.

Global investment in clean energy hit a record $1.3 trillion in 2023, according to a 2024 report by Bloomberg NEF. This indicates considerable continued innovation. A 2024 World Resources Institute study finds that innovations in climate-smart agriculture might open up new markets worth $2.3 trillion by 2030. According to an OECD report, investing in green infrastructure may generate millions of new jobs and increase global GDP by 1.5 per cent by 2030. Businesses that switch to a circular economy model, which minimises resource usage, have seen an average 6 per cent boost in revenue, according to a 2024 study by the Circular Economy Club.

The World Bank (2024) projects that by 2050, the annual economic cost of doing nothing about climate change might exceed $18 trillion. Businesses can not only help the environment by investing in these areas, but they can also open up new markets, provide employment, and stimulate the economy. Over time, a robust economy is genuinely dependent on a healthy world.

Call to action

The willingness for action by the public worldwide is demonstrated by the fact that 72 per cent of the respondents to a 2024 study by polling organisation think that climate change poses a very severe threat. According to IRENA, the share of renewable energy in worldwide power generation will increase from 80 per cent in 2023 to 86 per cent by 2050, indicating a growing trend towards greater accessibility. The need for less consumption is highlighted by the estimate by Global Footprint Network (2024) that mankind now utilises 1.7 times the bio capacity of Earth.

According to UN Environment Programme (UNEP) estimations, meeting the Sustainable Development Goals (SDGs) by 2030 may result in 395 million new jobs and $12 trillion in yearly market potential.

Let’s renew our commitment to constructing a more equitable and sustainable future on this Earth Day. Let’s put aside differences, promote cooperation, and take immediate action to address the situation. We possess the necessary knowledge, technology, and resources to confront climate change, but do we have the will? Let this Earth Day serve as a catalyst for change, a day when we decide to put action above inaction and unity above discord. We can only guarantee a healthy earth for everyone by working together.

The writer is Senior Assistant Professor-in-Economics, Ramakrishna Mission Vivekananda College, Chennai