The popular news and major issue of concern is our Earth and its environment. The adverse consequences that are faced by us for years together now due to our man-made actions are, the dangerous and impacting effects we see from the steep rise in Global warming and Climatic Changes in the environment.
Global warming and Climatic Changes are set to be a huge and dangerous rollercoaster ride for all of us until we get some positive work and improvement done in climate mitigation efforts and sustainable business practices.
Due to these apocalyptic effects of Earth’s Global Warming and Climatic Changes, there is one aspect and sector of the world that is impacted along with the population in all countries – the Business Economy.
Therefore in this article, we shall be discussing on the various ways in which Global Warming and Climatic Changes are affecting the Business Economy in Europe.
What is Global Warming and Climatic Change?
Global Warming is the effect and phenomenon that is seen when all of the heat from the sun as well as the harmful Greenhouse Gases produced, gets trapped under the atmosphere of the Earth. This increases the temperatures from comfortable to uncontrollable and unbearable levels for inhabitants.
Climatic Changes are the effects and impacts seen all around the Earth, regarding the weather conditions such as – temperature, wind patterns, and precipitation levels. Adverse and abnormal changes in weather conditions pave the way for climatic changes to take place. This too is triggered and caused mostly by man-made actions and can last for a very long time.
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Socio-Economic Effects of Global Warming and Climate Change:
The effects and impacts that we undergo as inhabitants and occupants of Earth due to the consequences of our actions are just dangerous.
Be it as a society and community, as an economy, and as living beings, Global Warming and Climate Changes can also alter and bring changes to – our food quality and quantity, work, housing and infrastructure, man-made innovations, natural resources, biodiversity, health, safety, and work.
In the Socio-Economy, the population on Earth is extremely and negatively affected in the following ways.
Supply Chains – changes and abnormal climate and weather conditions can interfere with businesses in transportation and supply chains, consequentially impacting their operations and management. The Productivity of the working population can be affected in carrying out their daily activities and duties during severe weather conditions.
Economy Growth can be affected if interruptions occur in business outcomes, revenue generation, operations, management, services, products, employability, and labor. Inflations can very much affect the population regarding real estate purchases, food, fuel, etcetera.
The Population of lower income and vulnerable areas can seriously succumb to worse conditions over their already existing issues.
In Europe, there were many debts faced in the economy due to the extreme and adverse Global warming and Climate Change phenomena. Estimations of around 560 Billion Euros from the late 90s to just over three years ago, and 145 Billion Euros in just the last 10 years alone, were lost.
Droughts extremely affect crops, agriculture, natural resource supplies, and the food industries in production rates. The supply of raw materials such as – Critical Raw Materials of Lithium, also affects the economy in their rapidly depleting and scarce supply levels.
The Tourism and Hospitality Industry operations in Europe are interrupted by sudden changes to weather conditions as well which would bring down the overall economy that keeps the market afloat. Additionally, there are pitfalls and dangers that businesses will face if they do not follow and adhere to strict governmental laws, policies, and regulations enforced regarding Global and Climatic Changes.
What now?
To combat these issues and concerns that revolve around Global Warming and Climate Change, which surely would stay around for a few more years, the dire need would be to adopt, establish, implement, and encourage the continuous use of certain strategies, especially with the inclusion of clean technology innovations alongside the combined efforts by everyone around the world, together as one people.
To Conclude:
To the inevitable consequences that will have to be faced, certain strategies are enforced by the Government of Europe. The European Commission in early 2021 established the EU Adaptation Strategy, in response to the growing and rapidly increasing rates of global weather changes that are impacting daily life and biodiversity, by Green Marketing Strategies and Climate Risk Management actions. Urban adaptation actions and environmental solutions such as – Carbon Footprint Reduction, and Renewable Energy Investment, have been established and implemented. Other options such as transitioning to a net-zero future can be beneficial.