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Who is Profiting from Climate Change?

by | Jan 10, 2023 | Climate Change

The entire world is still dealing with the significant issue of climate change. While a large portion of the globe is still working to find an answer, other scientists predict the shot of making substantial changes has already passed. In essence, climate change may be a permanent phenomenon now. But do you know who is profiting from climate change?

To be precise, there are no victors in the fight against climate change. Having said that, specific industries are likely to profit more than others.

Let’s examine some of the critical industries that stand to profit from climate change.

1. Oil and Drilling Industry

To clean up co2 emissions from exhaust pipes or the environment, technologies such as “carbon capture” are often promoted as “greener” than they are. The oil and drilling sector is in favor of it as well since it would allow them to continue their regular business practices of robbing and polluting while adding a new flashy toy.

In reality, many of the anticipated carbon capture projects will be profitable for businesses to blame for the climate issue. ExxonMobil declared it expects the market for carbon capture to expand by $2 trillion through 2040 due to all the current excitement. Even though they have yet to show much interest in sustainable energy, it is now establishing itself as a significant participant in that industry. This is because carbon capture won’t do anything to stop climate change; instead, it will just keep the fossil fuel sector alive.

Who is Profiting from Climate Change?

Source: A representational image of oil drilling on land

This technique consumes a lot of energy. According to a report, if it were adapted into every power station in the United States, we would use 39% more coal and 43% natural gas than we now do.

Furthermore, despite claims from supporters that all the carbon will be carefully buried underground, this has yet to happen. By using improved oil recovery, at least 95% of the CO2 collected is used to extract new fossil fuels from the earth.

2. Transportation

Transportation accounts for 28% of greenhouse gas emissions, making it another critical factor. It is widely known that internal combustion engines power automobiles, which move forward using fossil fuels. These fuels only partially burn because of physical and technical limitations, which produce greenhouse gases like carbon dioxide.

Who is Profiting from Climate Change?

These pollutants are released into the environment, and because so many cars are around, the emissions soon rise to dangerous levels. Many nations and international organizations are working to limit emissions from vehicles. Given that its emission standards are the harshest, the European Union is a model in this respect.

3. Agriculture

Agriculture, which provides food on our tables, is responsible for 9% of the nation’s greenhouse gas emissions.

The greenhouse gas N2O that is released during farming harms the ecosystem. This happens when farmers use different soil and crop management strategies, which leads to a rise in soil nitrogen levels and, as a result, a rise in nitrogen emissions.

Additionally, sheep and cattle emit the greenhouse gas methane as part of their digestion. Alarmingly, the sector’s emissions have been progressively rising, with CO2 emissions increasing by almost 80 million metric tonnes during the previous 26 years.

4. Fashion Industry

Minimizing the international fashion industry’s influence on the climate issue is essential, just like any other requirement. The sector emits 1.2 billion tonnes of CO2 equivalent annually, more than the shipping and aviation sectors. In addition, 2021 research from the World Economic Forum ranked the fashion industry, including its supply chain, as the third-largest polluter on the earth (after agriculture and construction), responsible for 5% of global greenhouse gas emissions.

Chemical use is prevalent in the textile business. The textile industry uses almost 2000 chemicals, from dyes to transfer agents. Water, a precious resource now in short supply, is also getting polluted due to the chemical processes used to clean textiles, which has long-term effects on the environment.

5. Construction

The building sector is another industry who is profiting from climate change for several reasons. One factor contributing to the need for new construction projects is energy-efficient technology and innovations in new structures. Rising sea levels, which occur as inhabited coastal zones are submerged under the waves, are another factor connected to climate change that is driving up demand for new development. Last but not least, a sustainable future is likely to need substantial population transfers back to major cities, which would increase demand for high-rise housing developments and other significant urban construction projects.

The 2022 Global Status Report for Buildings and Construction, released at the most recent round of climate negotiations in Egypt, COP27, indicates that the industry accounted for more than 34% of energy demand and almost 37% of energy and energy water use.

Ten gigatonnes of CO2 equivalent were released into the atmosphere due to the sector’s operational energy use, which is 5% more than 2020 levels and 2% more than the pre-pandemic high in 2019. Buildings’ operational energy needs for heating, cooling, lighting, and other equipment grew by around 4% in 2020 and 3% in 2019.

The Global Alliance for Buildings and Construction research indicates a growing disconnect between the sector’s climate performance and the road to complete decarbonization in 2050.

To achieve these reductions, the buildings industry must be decarbonized by 2050. The sector must raise energy investment, enhance building energy performance, lower the carbon footprint of construction materials, and multiply policy pledges alongside action to reduce total emissions.

 

It is important to note, however, that the overall economic costs of climate change are likely to be much greater than any benefits that may accrue to individual companies or industries. So the actual answer to the question of who is profiting from climate change is NOBODY CAN EVER BE PROFITTED BY CLIMATE CHANGE IN THE LONG RUN!

 

Author

  • Sigma Earth

    The author has done a master's in Environmental science and is currently working as chief Environmental Advisor with New Delhi State Government.

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