The key role of technology to tackle the climate crisis

India is well-positioned to lead G20 towards the roll-out of financial mechanisms to spur investment in new tech, to drive positive change for the planet

The climate crisis is not tomorrow’s problem, but a formidable challenge we must confront today. Around the globe, we are witnessing the tragic loss of lives, livelihoods and property from the rising frequency of extreme weather events. We also see dangerous disruptions across the natural world, with species seeking higher latitudes, higher elevations and deeper ocean waters. We are experiencing this at 1.1 degrees Celsius of global warming compared to pre-industrial levels. But we are currently on a path that leads us closer to 3 degrees Celsius of warming by the end of the century. The latest report from the Intergovernmental Panel on Climate Change warns that, as the temperature rises, so do the risks and adverse impacts of the climate crisis. Along with the climate crisis, we also face the crises of nature loss and pollution. These crises are all driven by unsustainable consumption and production.

Thankfully, science and innovation also point us to the possibilities and potential of a foundational transformation of the fossil-fuel-based global economy into one based on clean energy systems (Shutterstock)

Thankfully, science and innovation also point us to the possibilities and potential of a foundational transformation of the fossil-fuel-based global economy into one based on clean energy systems. Technological advances can enable this shift. For example, the United Nations Environment Programme’s (UNEP)’s Emissions Gap Report looks at sectoral and system-wide transformations that embrace the power of technology — in electricity supply, industry, transportation, buildings, food and finance — to avoid an accelerating climate disaster.

Governments have a chance to spark this technological transformation. One way is to support zero-carbon industrial processes. This means designing policies and incentives to speed up innovation and technology deployment of low-carbon input materials and developing carbon capture and storage technologies to remove carbon. Another is to foster the growth of emerging clean, renewable technologies to meet energy needs and transition away from fossil fuels. By enabling the uptake and roll-out at scale of new technological approaches to reducing emissions and capturing hard-to-remove emissions as we transition, governments can set the scene for a double win of economic growth accompanied by a healthier natural environment.

But there is a long way to go and many challenges. While the transformation towards net-zero greenhouse gas emissions is underway, it must gain pace. It is imperative to avoid the lock-in of new fossil fuel-intensive infrastructure while accelerating the development of low- and zero-carbon technologies and their applications. The transition to cleaner energy has begun in many parts of the world, but despite promising technological innovation and cost reduction rates, renewable energy and energy efficiency technologies must still compete with highly subsidised carbon-intensive energy technologies. Policies and incentives need to promote low- and zero-emission technologies at a nascent development stage, with varying geographical potential.

While new technologies can help move us towards a more stable climate, they are not the only solution at hand. Nature, one of our greatest allies in addressing the climate crisis, has always had its “technology” for carbon capture. The land and oceans are natural carbon sinks, absorbing more than half of all greenhouse gas emissions. The protection, restoration and sustainable management of these natural carbon sinks and reservoirs are central to climate action. There are also ongoing experiments to understand better and replicate the photosynthesis processes through which trees and plants draw energy for their sustenance from CO2. When done well, solutions based on nature can also deliver benefits for climate change mitigation, adaptation and biodiversity conservation.

Finally, the investment needed to transform to a low-carbon economy and the technological advances accompanying it is at least $4-6 trillion a year. This represents a relatively small share of total financial assets managed but is significant regarding the additional annual resources to be allocated. Financing for nature-based solutions, including valuable carbon sinks, stands at $154 billion per year. This is only a third of the annual investment needed by 2030 to limit temperatures below the 1.5 degrees Celsius Paris target and halt biodiversity loss. Assisting low- and middle-income countries in closing this finance gap is in the interest of all stakeholders across the world, as global warming pays no heed to national boundaries. Therefore, developing feasible financial pathways for this foundational transformation must be prioritised.

The G20 group of countries — accounting for about 80% of global Gross Domestic Product, three-quarters of global greenhouse gas emissions and nearly two-thirds of the global population — is an ideal platform for mobilising the resources and the enterprise necessary for the green technological transformation across systems and sectors. India’s announcement of a net-zero target and the Panchamrit at the 26th edition of the Conference of the Parties in Glasgow, revision of its Paris Agreement pledge, engagement on renewable energy through the International Solar Alliance, and development of a long-term low-emission development strategy show its commitment to a lower-carbon future. Moreover, as India holds the G20 presidency this year, it is well-positioned to lead the group towards the design and roll-out of financial mechanisms to spur investment in new technologies. It is known to drive positive change for people and the planet.

Atul Bagai is head, UN Environment Programme India Office and Sudipto Mundle is chairman, Centre for Development Studies, India

The views expressed are personal