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Introduction
The temperature of the globe is rising and its consequences are knocking at the door of humanity. Climatologists at NASA observed that 2005 was the warmest year since 1800s and 2004, 2002, 2003, and 1998 were the next four warmest years. Total warming in the past century was 0.8 degrees Celsius (C) or about 1 degree Fahrenheit. Climate change will affect every living species on this planet. In such a scenario, the business community should have a better understanding of global warming with some realistic goals in order to minimise the potential consequences of global warming (Gutro, n.p.).
Main body
Earth’s climate has been in constant change from time immemorial; however, today the term climate change refers to the changes in climate that have been taking from the beginning of 20th century. Greenhouse gases have been playing a vital role in maintaining the temperature of the globe. These gases include Carbon dioxide, Methane, Nitrous oxide, Water vapours, Ozone, and Halo Carbons, etc. Economic and industrial advancement resulted in greater use of fossil fuels which released mainly Carbon dioxide, Methane, etc., into the atmosphere. That changed the concentration of atmospheric greenhouse gases; as a result, more heat is trapped (Greenhouse Effect, n.p.).
IPCC (Intergovernmental Panel on Climate Change) has been established by the UN to analyse the change in global temperature and its causes. It has produced four comprehensive reports and the latest one published in November, 2007. These reports present the following evidences for Global warming (IPCC, n.p.)
Eleven years from 1995 to 2006 were the warmest during the last 150 years. Average sea level is rising at an average rate of 3.1 mm/year. The rise in sea level is because of expansion of sea water, melting of glaciers, ice caps and polar ice sheets with increase in average temperature. Places where temperature always remained cool now experiencing unusually hot weather. Cyclones have become more violent and increased in their frequency since about 1970 (IPCC, n.p.).
Glaciers have been melting and forming glacial lakes. Arctic and Antarctic ecosystems are showing a rapid change. There is a trend in animal and plants to shift themselves upward or pole ward due to change in temperature of both terrestrial and aquatic ecosystems. The report further states that earlier agricultural harvesting is commonly taking place. Pests have become more resistant and harmful to the crops. Frequency of forest fires due to dry weather in some areas has increased. Vector borne diseases such as dengue fever, yellow fever, previously seen in tropical areas have frequently seen in those places where they have never seen before. Heat related deaths have been increasing in Europe and other countries. Allergic reactions become more common (IPCC, n.p.).
In future remains negative as well as positive consequences due to global warming. Surge in temperature will completely wipe out Glaciers and Icecaps in Northern and Southern poles. Water from melted-ice flows into rivers, lakes, canals, and finally moves into seas and oceans. An excessive water flowing into the rivers forms devastating floods that engulf a large portion of land besides innumerable loss of life. Water expands in volume by heat and water from fast melting glaciers will reinforce the expansion of sea and ocean. Furthermore, a 40 inches rise in coastal water level will submerge 17.5 percent of Bangladesh and 6 percent of the Netherlands. The coastal population of poor countries will have only one option to migrate on upper land; however, the richer countries will have to spend more on the embankments. In fact, the report says if not properly diked, a modest 20 inches rise in water level will submerge 50 percent of the US coastal wet lands (IPCC, n.p.).
IPCC assessment reports predicted that the temperature could rise on the average 5.8 degree Celsius or 10.4 degree Fahrenheit by the year 2100. High temperature will increase the rate of evaporation of vast water reservoirs in sea, oceans, and rivers. More evaporation means more clouds and humid air. Both of these conditions are highly favorable for heavy downpour. Frequent and heavy rainfall erodes the soil, buildings, roads, and statues. Early rainfall will spoil the cultivated land; thus, productivity of farmlands will affect. As humidity traps the heat, therefore, nights will be hotter than the days (IPCC, n.p.).
Global warming at the same pace will devastate 1/3 of the forests of the globe at the end of 21st century. Attack of pests will be unprecedented because of their early maturation and low resistance of trees and plants. Frequent forest wildfires will throw tons of Carbon dioxide into the atmosphere; hence, loss of trees means loss in the absorption capacity of Carbon dioxide. However, Thomas Karl, director of National Climate Change Centre, predicts that initially forests will increase in area because of increase in the concentration of Carbon dioxide that acts as fertilizer; but in the long-term, fire, pests, drought, diseases will reduce the capacity of forests (IPCC, n.p.).
Consequently, low yield of agriculture in most of the regions will be a cause of food inflation. Because of high prices, poor sections of society will not have a proper diet. As a result, malnutrition and various diseases will affect the underprivileged regions. The quick receding of glaciers will initially runoff the rivers, causing widespread flooding that will devastate the agriculture farmlands. Later on, water level will significantly decline and this will further worsen the misery, causing shortage of water (IPCC, n.p.).
Not only the cost of living will rise on micro level, but also the economy will be in severe strain on macro level. Floods, hurricanes, typhoons, and heavy rainfalls will hamper the growth of poor countries. Furthermore, frequent load shedding will hit the industrial progress and economy. Population of submerging coastal regions will migrate upwards; therefore, in such regions the governments will be required to provide for shelter and amenities of basic life to the migrants. Consequently, the economy will weaken and decline, as they spend more on the outcomes of climate change (IPCC, n.p.).
In future, governments will have to bear excessive infrastructure maintenance expenditure on roads, railway lines, airport runways, pipelines. Insurance companies will suffer severely because of climate change disasters. World’s two largest insurance companies, Munich Re and Swish Re, estimated in a 2002 study that climate change eventualities would cost insurance firms about 150 billion dollars in coming decade (IPCC, n.p.).
Global warming, with some of its harsh realities, does possess a few benefits; however, smaller as compare to losses. The beneficiaries of such areas are smaller in number than the temperate ones (IPCC, n.p.).
Reduced labor cost will benefit firms and corporations functioning in extreme cold climate. Labor demands more wages and privileges in harsh working environments. However, if temperature increases, then it will decline the total cost of labor because workers will agree on taking less. A research estimated that in such areas labor would be willing to give up annually $30 to $100 billion for a 2.5 degree Centigrade increase in temperature. In addition, real estate in some regions will boost many times in their value. It is because of widespread migration as well as loss of land by flooding and submersion (IPCC, n.p.).
In 12th and 14th centuries temperature of the planet was 0.5 degree Centigrade warmer than it is today. For this reason, Norse settlers were able to cultivate profusely in America, Europe and Southern regions of Greenland. The temperature that IPCC has predicted between 2030 and 2050 is similar in that nature of 13th and 14th centuries. Therefore, it is probable that Greenland and other regions will be cultivable again. Moreover, Carbon dioxide acts as a fertilizer, because it reduces the rate of evaporation, and helps in photosynthesis; therefore, this could be beneficial in increasing the productivity of the farmlands (IPCC, n.p.).
Rise in temperature will be of some benefits for regions where climate is extremely cold for whole of the year. For instance, warmer climate in the US will reduce 40,000 deaths per year on 2.5 degrees Centigrade rise in temperature and medical costs caused by low temperature will reduce by $20 billion annually (IPCC, n.p.).
Business Community has become sensitive to the global warming question. Carbon is set to become one of the biggest commodity markets. With increase in environmental regulations, governments are going to set higher taxes. Carbon credit under Kyoto protocol can be purchased by a firm that cannot control its limited carbon emissions. “Green Jobs” are related to those businesses that help in reducing carbon emission and thus tackling global warming. Bio-fuel development, energy efficient buildings, renewable power generation, software development related to green buildings analysis, and also include hydrologists, environmentalists, etc, have created numerous jobs. New breeds of entrepreneurs are creating who are deft in their knowledge in environmental finance. Several big corporations such as Exxon Mobil, Duke Energy, etc. are spending in several research initiatives for developing better technologies in fuel-efficiency (Gettler, n.p.)(Climate, n.p.).
Several businesses are shifting their industrial units in developing countries in order to save themselves from strict environmental regulations. They are benefiting from the developing countries lax environmental policies. With the declining fossil energy and growing oil prices, renewable energy has become prominent in its importance. Research is going on producing cheaper solar cell efficiency. Investors are keen to spend their resources in such initiatives that would provide them good returns in future (Gettler, n.p.).
Concludsion
To conclude, global warming has extreme negative fallouts for both the world and business community. There are new vistas of investment have been created in environmental market and several new areas of job have been created. But businesses also have to face severe regulations and penalties from governments following strict environmental regulations. Business community should take this challenge with prompt initiatives to save their investments (Gettler, n.p.).
Works Cited
“Climate Change.” ExxonMobil. 2008. Web.
Gutro, Rob. “2005 Warmest Year in Over a Century.” NASA. 2006. Web.
“Greenhouse Effect.” BBC. 2008. Web.
Gettler, Leon. “Globally Warming to Global Warming.” BusinessDay. 2007. Web.
“IPCC.” IPCC. 2008. Web.
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