Sneakers for everyone

Developed countries have a significant role to play in addressing this crisis, given their historical and current emissions and their position of power and resources

• Shouldn’t the developed world lead the way in using their power to accelerate the green transition in the developing part of the world?

Climate change – it’s happening every second, every day. Unexpected extreme weather events in 2022 included severely impacted wildfires in Europe, storms and prolonged droughts in Africa, heatwaves, cold waves, hurricanes, cyclones and so on. This is climate change happening on a daily basis right before our eyes, something that we’re starting to see and get to grips with.

The Annual Meeting of the World Economic Forum, 2023 was held in January in Davos, Switzerland convening the leaders from governments, business, academia, media and civil society to address the state of the world and discuss priorities for the year ahead.

The Annual Meeting provides a platform for leaders to exchange ideas, share insights, and engage in meaningful dialogue about key global challenges, such as climate change, economic inequality, geopolitical tensions, and technological disruptions. In the forum, “Global Economic Outlook: Is this the End of an Era?” IMF Managing Director Kristalina Georgieva shared this famous story about two men in a forest chased by a bear. One of them started running and the second one pulled a pair of sneakers from his backpack. The first one asked, “Do you think that with sneakers you would run faster than the bear? Then the other one said, “I don’t want to run faster than the bear, I want to run faster than you.”

The climate crisis demands sneakers for everyone to accelerate the much needed green transition on planet Earth, not just the developed nations. The world today is at a critical inflection point. The sheer number of ongoing crises calls for bold collective action, “Cooperation in a Fragmented World.”

Introduction

The world is facing a climate crisis, with global temperatures continuing to rise due to the increase of greenhouse gas emissions. Developed countries have a significant role to play in addressing this crisis, given their historical and current emissions and their position of power and resources. The problem of climate change is global in nature and

requires action from all nations. Developing nations have an important role to play in transitioning to more sustainable practices and technologies, and there is a growing recognition that support and investment from developed nations is crucial in achieving this transition. Cooperation is essential in addressing the climate crisis, as it requires a collective effort to reduce greenhouse gas emissions, transition to renewable energy sources, and adapt to the impacts of climate change. This cooperation must extend beyond national borders and involve a range of stakeholders, including businesses, civil society, and international organisations.

The developing world, however, faces unique challenges in transitioning to a low-carbon economy, including limited resources, competing development priorities, and a lack of technological expertise. This piece articulates how the developed world must use its power and resources to accelerate the green transition in the developing nations, explaining the different ways in their transition to a low-carbon economy, including financial and technical support, knowledge sharing, and leading by example.

Financial and technical support

Developed countries have made significant progress in developing and implementing clean energy technologies such as wind, solar, and hydropower. The same status in developing and emerging countries varies depending on the specific country and region. However, there has been substantial improvement in recent years in increasing the

deployment of these clean energy technologies in some of the developing and emerging countries such as India, Brazil, South Africa, Mexico, Morocco and Kenya.

China has become a major player in global efforts to tackle climate change. It is currently the world’s largest emitter of greenhouse gases, but it has also taken significant steps to reduce its carbon footprint and promote sustainable development.

In recent years, China has invested heavily in renewable energy sources such as wind and solar power. It has also introduced policies to promote energy efficiency and reduce pollution. In addition, China has played a leading role in international climate negotiations and has pledged to peak its carbon emissions by 2030 and achieve carbon neutrality by 2060.

This financial support to developing nations in their transition to a low-carbon economy can come in many forms, including grants, loans, and technical assistance. For example, developed countries can provide financial assistance to support the development of renewable energy infrastructure in developing nations. This can include funding for

solar and wind farms, as well as support for energy storage systems. They can also provide technical assistance to help developing countries to build capacity in renewable energy technology. This can include training programs, technical workshops, and other forms of capacity building.

These technologies can provide a sustainable source of energy for developing countries, but they require technical expertise and resources to implement. Developed countries can share their knowledge and expertise in these areas to support the development and implementation of clean energy technologies in developing countries.

Another important area is agriculture which is a significant source of greenhouse gas emissions in many developing countries, particularly in countries where traditional farming practices are still in use. Developed countries can provide financial assistance to support the development of sustainable farming practices including support for agroforestry systems, the adoption to conservation agriculture, and the promotion of sustainable land use.

However, as “The Economist” refers, we need to consider the fact that rice, which feeds closer to 60% of the world’s population, fuels climate change, due to the high emission of methane from paddy fields. Rice’s nutritional quality is another growing concern particularly in terms of its high glycemic index and low levels of iron and zinc which can trigger diabetes.

Knowledge sharing

Developed countries have already made significant progress in transitioning to a low-carbon economy, and they can share their experiences and lessons learned with developing countries. This can include sharing information on renewable energy technologies, sustainable land management practices, and green building design.

Another area where developed countries can share their knowledge is in the area of sustainable land management practices demonstrating the benefits including improved soil health, increased crop yields, and reduced greenhouse gases.

Many developing countries face significant challenges in managing their land resources sustainably. Developed countries have implemented a range of sustainable land management practices, such as agroforestry systems and conservation agriculture practices, which can be adapted to suit the needs of developing countries.

Leading by example

Finally, developed countries can lead by example in their transition to a low-carbon economy. By setting ambitious emissions reduction targets and implementing policies that promote renewable energy and energy efficiency, developed countries can demonstrate the viability and benefits of a low-carbon economy. This can inspire developing countries to follow suit and adopt similar policies and practices.

One important area where developed countries can lead by example is in the development and implementation of renewable energy technologies. Developed countries can set ambitious targets for the deployment of renewable energy technologies and implement policies to support the development and deployment of these technologies.

This can include policies such as feed-in tariffs, renewable energy standards, and incentives for energy efficiency measures.

Developed countries can demonstrate the benefits of implementation of sustainable land management practices, such as improved soil health, increased crop yields, and reduced greenhouse gases.

Climate change is a global problem that affects all nations, and it is essential that all countries work together to address it. Developing nations have a critical role to play in transitioning to more sustainable practices and technologies because many of them are currently reliant on fossil fuels and have rapidly growing populations that

are increasing their demand for energy. However, transitioning to a low-carbon economy can be challenging for developing nations, particularly if they lack the financial resources or technological expertise to do so. This is why support and investment from developed nations are essential in achieving a successful transition. It is also important to note that this support should be provided in a manner that respects the sovereignty of developing countries and their right to determine their own development paths. Developed countries should work in partnership with developing countries to ensure that the transition is just, equitable, and beneficial for all.

Developed nations can provide financial assistance, technology transfer, and capacity-building to help developing nations adopt sustainable practices and technologies. By working together, all nations can contribute to mitigating the impacts of climate change and creating a more sustainable future for everyone.

The writer is a veteran Investment Banker with over a 20-year history of results in revenue and leadership. She researches and identifies opportunities within corporates and conceptualises them for new product development for the capital market growth in Sri Lanka. She is currently working as a Consultant in an investment banking entity and as a Public Private Investment Specialist in Ocean Plastics Reduction Activity Program for Sri Lanka and Maldives by USAID and consulting G17 University Ambassadors Consortium, a global fellowship program moulding university undergraduates into resilient leaders through practices of Sustainable Development Goals.)