Cost of climate change

Maximising profits and minimising costs has been the topmost priority of any business industry. Resultantly, one of the major phenomena of this driving force has been introducing inexpensive materials to create cheap plastic alternatives. While corporations sought to minimise their costs, the damage consequently brought upon the environment has been expensive. Pakistan has suffered significantly. According to a new report, the Global Climate Risk India 2019, Pakistan lost out on $384 million last year due to catastrophic climate events. As our politicians struggle to rescue the country from the constant economic downturn, a reconfiguration in strategy and reassigning priorities might be in order.

Focusing on climate change, if not out of concern for the environment and the wellbeing of future generations, for economic reasons is logical. Environmentally-friendly practices will have far-reaching positive impacts and reduce the need for appendages such as dams in the long run. The requirement of providing clean water to the growing population is not to be undermined here but scientific findings should be consulted in the quest to provide households with water.

In order to win over the population to support the mitigation of damage to our environment, two changes need to be adopted. First, a general awareness needs to reach the masses, like on the benefits of planting trees, reducing the sale and use of plastics, and encouraging consumers to rely less on industries that cause heavy detrimental impact to the environment, such as meat farming. The second change is through policy. As the government works on economic policies to encourage international trade and increase investor confidence, local regulations on the use of plastic bags, straws and industrial practices would facilitate the battle against climate change to reduce financial damage.

Published in The Express Tribune, December 9^th, 2018.

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