![]() Hence, there is more urgent need for individual countries to make expenditure and revenue decisions, which are in line with a broader ‘heat economic policy’ that understands the importance of making appropriate climate budgets and where both domestic banks and multilateral institutions, not to mention rich, advanced countries, also need to provide a much more responsible hand in support in terms of climate finance than unfortunately has happened up till now. The spike comes as forecasters warn that the Earth could be entering a multiyear period of exceptional warmth driven by two main factors: continued emissions of heat-trapping gases, mainly caused by humans burning oil, gas and coal and the return of El Niño, a cyclical weather pattern.’ ![]() Having said that, heat temperatures have been very aggressive this summer as well, as a JNYT published article ‘Heat records are broken across the globe’ pointed out: ‘The past three days were quite likely the hottest in Earth’s modern history, scientists said on Thursday, as an astonishing surge of heat across the globe continued to shatter temperature records from North America to Antarctica. There is a 98 percent chance that at least one of the next five years will exceed that, the forecasters said, while the average from 2023 to ’27 will almost certainly be the warmest for a five-year period ever recorded.’ The record for Earth’s hottest year was set in 2016. Such a policy is indeed important for a highly climate change vulnerable country like Pakistan, which has seen extreme heat waves on a more regular basis annually, along with more frequent, and high-intensity floods.Įconomic policy can no longer take climate disasters as exogenous happenings in view of the fast-unfolding climate change crisis, especially in the last few years.Īn article ‘Heat will likely soar to record levels in next 5 years, new analysis says’ published in New York Times (NYT) on highlighted: ‘Global temperatures are likely to soar to record highs over the next five years, driven by human-caused warming and a climate pattern known as El Niño, forecasters at the World Meteorological Organization said on Wednesday. ![]() Although efforts are being made for some time now by the ministries/departments of planning, and climate change to provide policy input on matters related to climate change, it is important that a wholesome ‘heat economic policy’ that directly gauges and prepares the economic sectors of the economy against the impact of rising heat and its impact in terms of heat waves, glacier-melting, and floods, for instance, is formulated more directly and in a leadership for the whole economy, by ministry/departments of finance, tax-, and statistical authorities and the State Bank of Pakistan (SBP), and in collaboration planning-, and climate change ministries/departments with sectoral ministries/departments like agriculture, industries, and with bilateral, and multilateral development partners. Having said that, one additional dimension to managing the economy at both the macro-, and micro levels is internalizing the impact of climate change in particular, the consequence of fast-rising heat temperatures.Įconomic policy, therefore, needs to appropriately adapt accordingly. It is, indeed, important that Pakistan should continue to deal with its macroeconomic and growth challenges of the traditional nature, reducing twin deficits, avoiding stagflation, reforming state-owned enterprises, and fixing the energy sectors, among others.
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