Note4Students
From UPSC perspective, the following things are important :
Prelims level: Terms- climate polycrisis, polysolution, Carbon Accounting
Mains level: Climate polycrisis, National Carbon Accounting and its benefits
What’s the news?
- In a bid to address the complex and interrelated challenges of climate change, the concept of National Carbon Accounting (NCA) is gaining prominence.
Central idea
- The term ‘climate polycrisis,’ popularized by Adam Tooze, highlights the intricate web of climate change-related crises that impact diverse sectors and domains worldwide. In India, the interplay of climate change is evident. Recognizing this complexity, it is imperative to develop a holistic approach.
Polycrisis
- The term polycrisis refers to the multitude of crises arising from climate change, encompassing not only physical impacts like rising temperatures and extreme weather events but also the societal, economic, and political challenges that result from these impacts.
The Call for a Deep Transformation
- Addressing the climate crisis demands more than sectoral responses; it necessitates a profound transformation, laying the foundation for a planet-sensitive economy.
- This transformation calls for the establishment of ‘carbon infrastructure’ akin to digital infrastructure, considering carbon flows in policymaking at all levels.
Measurement as the First Step
- The initial step towards this transformation is measurement.
- To account for carbon, we must measure carbon emissions at individual and national levels.
- Once we have robust measurement systems in place, we can create accounting mechanisms to track our carbon footprints.
What is National Carbon Accounting (NCA)?
- The NCA is a critical system for tracking and managing carbon emissions at the national level.
- It involves measuring and accounting for the release of CO2 and other greenhouse gases (GHGs) into the atmosphere, as well as efforts to remove carbon from the atmosphere.
- The primary objective of NCA is to gain a comprehensive understanding of a country’s carbon footprint and its role in contributing to global climate change.
Benefits of National Carbon Accounting
- Progress Tracking: NCA allows for the monitoring of progress toward emission reduction targets over time. It helps assess the effectiveness of climate policies and initiatives, allowing for necessary adjustments.
- Identification of High-Emission Sectors: NCA identifies sectors that contribute significantly to carbon emissions. This information is vital for targeting interventions and allocating resources to the most substantial emission sources.
- Environmental Impact Assessment: NCA allows for the assessment of the environmental impact of carbon emissions. It helps evaluate the ecological consequences of emissions and informs conservation efforts.
- Carbon Offsetting: NCA supports carbon offset programs by quantifying carbon removal activities. These programs enable organizations and individuals to compensate for their emissions by investing in projects that remove or reduce an equivalent amount of carbon from the atmosphere.
- New Economic Opportunities: NCA can encourage the development of new economic sectors and technologies focused on reducing carbon emissions and enhancing carbon removal. This can lead to job creation and economic growth in green industries.
- Global Climate Commitments: NCA helps countries fulfill their international climate commitments, such as those under the Paris Agreement. It ensures that nations have the data necessary to demonstrate their progress in reducing emissions.
Carbon accounting vs. Money accounting
| Aspect | Carbon Accounting | Money Accounting |
| Focus | Measurement and tracking of carbon emissions | Monitoring and management of financial transactions |
| Purpose | Quantify carbon footprints, identify emission sources, and reduce emissions to combat climate change. | Monitor financial flows, allocate resources, and ensure financial stability in an economy. |
| Granularity | Detailed, from individual to sector and national levels | Broad, covering various financial activities from individual to corporate and economic levels. |
| Measurement | Precise measurement and reporting of carbon emissions, standardized methodologies | Accurate financial record-keeping ensures the proper accounting of monetary resources and financial activities. |
| Policy Implications | Informs the development of climate policies and strategies and guides climate change mitigation efforts. | Supports economic policies and monetary management and influences factors like interest rates, inflation, and overall economic stability. |
| Taxation | May lead to carbon taxes, taxing entities based on carbon emissions | Typically targets income, consumption, or other financial transactions, not directly tied to carbon emissions. |
A Polysolution to a Polycrisis
- A Polysolution Defined: The term polysolution emphasizes the comprehensive and multifaceted nature of NCA as a tool to combat climate polycrisis. Instead of relying on single, isolated solutions, NCA encompasses various dimensions and aspects of the climate challenge.
- Meeting Climate Commitments: The NCA can assist India in meeting its commitment to achieving net-zero carbon emissions by 2070. This underscores the potential of the NCA to support countries in fulfilling their international climate pledges.
- Reimagining the Economy and Society: NCA, if adopted globally, could lead to the reorganization of economies and societies. By making carbon footprints transparent, NCA encourages a new form of public discourse. This shift can promote sustainable practices and guide the alignment of development with ecological sustainability goals.
- Alternative to GDP Growth: While traditional measures like GDP growth are well understood, the article suggests that NCA introduces an alternative metric—carbon footprint—as a key indicator of progress. This aligns with the broader goal of measuring development not only in economic terms but also in terms of environmental and ecological impacts.
- Promoting Public Discourse: The transparency of carbon footprints can lead to more informed public discourse. It allows citizens and policymakers to consider the environmental impact of various activities, fostering discussions on sustainability and climate action.
Conclusion
- Addressing the climate polycrisis demands innovative solutions that account for the interconnectedness of climate change impacts. National Carbon Accounting emerges as a pivotal tool to measure, track, and manage carbon emissions, fostering a sustainable and resilient future.
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