Fires scorching California, floods inundated Spain, heat is killing monkeys from trees in Mexico, droughts are ravaging southern Africa, and hurricanes tearing through the U.S.—it’s impossible to overlook the ferocity of climate change. Scientists confirm 2024 was the hottest year on record for land and ocean temperatures, exceeding expectations dramatically. Average global temperature breached the 1.5 degrees Celsius threshold—for the first time last year, no less—and it’s been the hottest decade on record. “To put it all in perspective,” NASA climate scientist Gavin Schmidt told The Guardian, “temperatures during the warm periods on Earth three million years ago—when sea levels were dozens of feet higher than today—were only around 3 degrees C warmer than pre-industrial levels. We are halfway to Pliocene-level warmth in just 150 years.” When will people take the crisis seriously?
The devastation will only worsen if society continues along the “suicidal fossil fuel economy.” We’re activating feedback loops and breaching tipping points, resulting in increased extreme weather events and collapsing ecosystems. Yet, we act as though everything is fine. Progress has been made with cleaner, renewable energy and other solutions, but it’s not fast enough—largely due to the fossil fuel industry holding society back. According to the New York Times, “If nations had started reducing emissions in 2005, they could have made gradual cuts to limit warming to 1.5 degrees.” Now, making similar cuts seems nearly impossible.
Extreme weather events are also fueling an affordability crisis, leading to increased agricultural losses, rising healthcare costs, and skyrocketing property insurance rates. “We still have time and opportunity to create a restored world from this crisis, but the clock is ticking,” experts urge, pushing for collective action. Solutions like carbon pricing, also referred to as “carbon taxes,” aim to overcome barriers established by powerful industries focused on profit.
Local government experts like Kathy Kuntz, the director of the Dane County Office of Energy and Climate Change, echo these sentiments. Speaking on the recent political turmoil impacting clean energy initiatives, she states, “We have to get serious about reducing emissions and really, really move toward progress, not arguing about whether or not there's a problem.” Since the Trump administration’s actions dove back toward fossil-fuel-friendly policies, Kuntz noted uncertainty among local projects as the political climate leaves clean energy developments vulnerable.
Despite this uncertainty, she maintains, “All of the tax credits and grant agreements are still in effect.” This means, as of today, projects can move forward, but any future changes may hinder low and moderate-income households from accessing affordable clean energy technology. Each climate and energy decision impacts real lives today and can dictate the success of innovative clean initiatives tomorrow.
Meanwhile, as the financial impact of climate change from catastrophic events is becoming clearer, the urgency behind finding economic solutions ramp up. 2024 is set to mark the beginning of significant developments like nature-based investing, akin to the renewable energy boom seen two decades ago. Peter Bachmann writes about the potential of nature investing as businesses around the world seek solutions to bolster economic resilience against climate change. “The true cost of climate change…marks a defining moment,” he notes, highlighting the need for urgent action and proper investment.
Bachmann details how advancements have sparked growth within vertical farming, which promises not only to reduce reliance on traditional farming but also to offer cost-effective, sustainable produce solutions. Improvements made over the past years have made vertical farms increasingly viable with recent cost efficiencies showing LED lighting technologies dramatically dropping to about half the price from just three years ago. This, combined with reductions of energy consumption, transforms the market significantly.
These vertical farms can operate with about 95% less water, do not use pesticides, and offer longer shelf-life products, responding to pressures around food security. According to Bachmann, adopting technological efficiencies fuels agricultural sectors amid growing climate pressures. The movement toward sustainable practices and solutions optimizes natural capital investment and supports long-term economic health.
Experts advocate widening the investment approach to include regions most critically affected by climate change. “North America, the Middle East, and Europe emerge as priority regions” for sustainable farming initiatives, they suggest, with the potential to export globally and create energy-efficient farming hubs.
The transformation of the agricultural sector is just one small part of the larger picture. Climate change is here, and it is finding its way to reshape economies worldwide. Financing solutions arise as investors seek to improve their portfolios and align their interests with the increasing demand for sustainable practices.
“We must learn to look beyond industry propaganda,” advises Schmidt, emphasizing the importance of collective involvement and demand for necessary changes. Staying informed, engaged, and active will be key to pushing back against climate adversity.
The world is at a crossroads: without significant changes to how we operate, the ramifications of climate change will hardly contain to impact lives today—they will define the lives of future generations. History books will notice whether this generation took the necessary strides to summon their role against climate crisis.”