Can we talk about climate action and abundance?
4 min read · April 7, 2023
New Power Labs
TL;DR - Reframing scarcity as an opportunity could help make progress on climate action. We can look to the economic benefits of inclusion to support the conversation.
Last month, the latest Intergovernmental Panel on Climate Change (IPCC)—comprised of the world’s leading climate scientists— released a synthesis chapter drawing together work around the underlying science, impact and approach to tackling climate change. The report is a grim read on the potentially catastrophic changes looming, with highly vulnerable regions already seeing death rates 15 times higher over the last decade. Yet what is also notable is the tone used by the scientists, many who have been confronting these devastating realities for decades. Hoesung Lee, chair of the panel, notes:
“[The IPCC reports] clearly show that humanity has the know how and the technology to tackle human-induced climate change. But not only that. They show that we have the capacity to build a much more prosperous, inclusive and equitable society in this process […] We, the scientific community, spell out the facts of disheartening reality, but we also point to the prospects of hope through concerted, genuine and global transformational change.”
As we’re pulled into debates about whether individual consumers can meaningfully contribute to climate solutions, we might be missing the forest for the trees.
What if—instead of framing climate action in terms of deficit and calling for belt-tightening to guarantee a viable future for next generations—we shifted to what is gained from investing in a different approach? Two points on this:
First, we are underinvesting in climate financing opportunities. The Global Commission on Adaptation estimates that investing $1.8 trillion in climate adaptation measures by 2030 could generate $7.1 trillion in benefits. As an example, plant-based meat delivers a disproportionate reduction in CO2 tonnes emitted compared to other high-emitting industries, according to a report by Boston Consulting Group; shifting to meat and egg alternatives by 2035 would be equal to decarbonizing most of the aviation or shipping industries. The report shows the space is currently underfunded, offering a significant climate financing opportunity.
Secondly, we are underinvesting in diverse climate leadership. Research on the top 12 climate funders in the US found that organizations led by people of colour receive just 1.3% of climate funding, despite evidence that underfunded and underrepresented communities are those most impacted by climate change. Bringing an equity lens to how climate change is funded is crucial to closing the outcomes gap and could also present an economic opportunity. While not specific to climate action, the National Indigenous Economic Development Board suggests that closing the gap in economic outcomes for Indigenous and non-Indigenous peoples could add $27.7B to Canada’s GDP, a point that underscores the opportunities opened through shifting towards more equitable practices.
What gets left on the table when we continue business as usual? What would Canada’s economy look like if we took an inclusive approach to climate resilience across all diversity lenses: gender, ethnicity, rural and urban, and socioeconomic class—the list is expansive, as are the opportunities.
This is the premise behind our approach to economic shift. Making capital flow more equitably doesn’t mean reducing what is available; it means creating additional opportunities that contribute to our society as a whole.
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