The greatest assets we Homo sapiens possess are survival and adaptability skills. In the coming future “Survival would be a locked challenge and sustainability is the only key”. The fact that we need to demand a right underlines the existence of issues related to survival and resource discrimination. The right of the future generation can be subdivided into two dimensions (i) Sustainability and (ii) protection of equitable and ethical human conditions (Gaillard, 2019)
As things stand today, the idea of the future is burdened with Intergenerational and Intergenerational problems. Climate change is the biggest example. These issues not only raise the concern of a discriminated existence for some but also bring into question the survival of coming generations. The recent increasing trends in the planet’s temperature and the social and economic fallout of the pandemic are worth worrying about.
This potential disaster drives the need to demand an equitable solution for the future. “The more we let the climate go drift, the more the world will be unjust” (IPCC report, 2018). Our future survival depends on actions taken today. Every minute our probability of survival is decreasing. The essence of life on earth is the process of Adaptability and Mitigation. They are the key elements for designing a sustainable tomorrow.
The approach towards conserving basic human ethics and living conditions is also crucial for the future generation. The action plan must demand rethinking the process of growth and development. The parameters to measure growth and standard of living should shift from a monetary to a well-being approach as this will enlarge the social and economic scope of life in future and minimize the barriers to survival.
“We Need to Act”
Every inaction has a cost attached to it, both social and economic. In terms of the economy-level cost of carbon emission, it is estimated that the Indian economy will lose approximately 86 US dollars per tonne of carbon emission which is the highest among the major global economies (Nature Climate Change, October 2018). Based on this estimation, India’s annual social cost of carbon is around USD210 billion.
Source: Social cost of co2 emission (current), DownToEarth
Similarly, every bold climate action taken today will bring about USD26 trillion in global economic benefits by 2030 (New Climate Economy report, 2018). So, understanding the economics of such deliberations is a must for delivering the solutions for tomorrow. The basic protection of future generations must facilitate the assurance of minimizing such costs in practical terms.
This is where Symbiosis School of Economics fits into the picture. One of the best economics colleges in India, it’s students of BSc. Economics and MSc. Economics are made aware of these discussions and outcomes early on in their courses as future economists like them will eventually balance economic develpoment with it’s environmental cost.
– Mr. Akash Raj