The majority of us have reached a significant level of ease of living thanks to the wide range of technologies that have been developed in the twenty-first century, and the exponential rise in energy consumption seems to be a very concrete indication of this. We rely heavily on fossil fuels to generate energy, either directly or indirectly. Fossil fuel usage accounts for about two-thirds of GreenHouse Gas (GHG) emissions, which are directly linked to climate change, and has historically been entangled with the growth of human civilization.

In 2022, many states in India experienced extreme levels of temperature and heat waves which is considered the highest in 122 years, as per the records. Aside from severe temperatures, numerous states in India are suffering heavy rainfall, resulting in floods and affecting more than 1.1 million people. In just 24 hours, one region in the East Khasi Hills received 972 mm of rain. These are the only a few examples of extreme climatic changes that have occurred recently. According to the Intergovernmental Panel on Climate Change (IPCC), every part of the world is reportedly experiencing dramatic shifts in the climatic system.

Climate change has already impacted our life in every sphere. Various impacts of this rapid change can be seen in the environment and biodiversity. For example, increased temperatures are changing weather and vegetation patterns across the globe, and animals that depend on these natural vegetation are being forced to shift as they strive to adjust to the changing climate by moving to better and safer habitats. However, a large portion of the world’s biodiversity is unable to adapt to the climate variability shifting circumstances. If the warming trend keeps up its current pace, experts project that by 2050, one-fourth of all species on Earth would be extinct. In addition, elements like sea level rise, the loss of wetlands, frequent droughts, forest fires etc., demonstrates tremendous impact upon the environment. These changes are growing more common and presenting greater challenges to our environment, society, economy, etc.

According to the Department of Science & Technology’s “Climate Vulnerability Assessment Report 2021”, Jharkhand is one of states in India that is most vulnerable to climate change. Notably, a few decades ago, towns in Jharkhand had an abundance of ponds and lakes. Because of the consistent rainfall and sunshine, farming was also highly productive and was the main source of income. People never considered installing an air conditioning system in a home because the weather was so pleasant that in the summers, people wore blankets and fans seemed unnecessary.

However, gone are the days as the situation has completely changed today. Ponds and lakes are becoming increasingly scarce. The majority of it is devoid of water. People are experiencing water scarcity at the moment. Agriculture has been impacted by rainfall patterns and rising temperatures. People are making extensive use of air conditioners. Even in the winter time, no one can live without a fan. This is simply a broad overview of this region. The same, and maybe worse impacts have also been felt in other regions.

However, it is apparent that some socially and economically disadvantaged individuals and groups are being severely impacted by and suffering from the impacts of climate change, despite the fact that they have played a minimal role in its creation. For instance, in Jharkhand, the majority of its indigenous people rely on “Jal-Jangal-Jameen” (water, forest & land). Their lifestyle and social structure is dependent on these three factors, and they have been using these resources sustainably. But due to rapid change in climate and degradation of all three resources have had a negative impact on life around there. As the climate continues to change, millions of indigenous people confront greater challenges due to extreme weather events, such as migration, health related implications, cultural identity loss, and other risks. 

Nevertheless the social concern of climate change on increasing inequality in our society. It is based on a range of aspects, including their geographic location, socio-economic status, culture, and resource access. Inequalities can also be found at many different levels, such as between developed and developing countries, between states within a country, between poor and rich in a region, between men and women. One example of this is the impacts of transition to low carbon energy generation.

Jharkhand is known as the “Ruhr of India” as it holds about 40% and 29% of India’s mineral and coal reserves respectively. It has offered the state’s coal sector tremendous prospects for employment. Many informal labourers in Jharkhand’s coal mines make a living by performing different old jobs. In order to address climate change we have to gradually decrease our dependence on the coal in our economy and explore alternative and cleaner sources of energy, but doing so may have an adverse effect on the livelihood of those workers. And if they are not re-skilled or prepared for the future, inequality may worsen.

In contrast to the economy, climate change poses significant risks to the financial system. Although this seems to be far away, it is rapidly approaching. The costs of physical climate change (such as increased flooding and heat waves) on operations, adapting operations to account for climate change, reducing greenhouse gas emissions, as well as changing infrastructure and implementing new technologies, and the rising price of carbon are some of the potential financial effects of climate change on organizations. Legally, to reduce GHGs, industries would face the increased pricing of GHG emissions where they would be mandated to enhance their efficiency and regulate their emissions. They would also bear the huge cost of Research and Development (R&D) to explore environment friendly technologies and processes. Along with large industries and organizations, operations of small scale industries are also impacted by climate change in many ways.

At the same time the most prominent associated  risk is with the transition to low-carbon processes and technologies. Industries will face huge capital loss in terms of early retirement of existing technologies which are less efficient and more carbon intensive. Furthermore, decarbonisation of the economy presents a huge challenge to absorb the unskilled workers with the evolving technology and businesses. Thus, there is a need to think about the environmental approach and conduct business and operations differently & more sustainably.

In order to address the effects of climate change, inclusive growth, sustainable development, poverty eradication, and universal access to energy must be recognised as fundamental approaches. In this view, we must immediately scale up and implement our ambitious COP-26 target in accordance with the principles of equity, Common But Differentiated Responsibility (CBDR), and other UN Conventions.