Baku, Azerbaijan, April 23. The Global South
has no choice but to confront a warming planet, as its economies
and societies, face disproportionate damage from extreme heat,
drought, flooding, wildfires, and other climate events, Trend
reports with reference to the latest outlook of Boston Consulting
Group (BCG) titled ‘In a Multipolar World, the Global South Finds
Its Moment’.
“Even though they historically have emitted far less greenhouse
gas, up to 15% of combined Global South GDP is at risk of climate
change impacts by 2050, compared to 4% for advanced economies.
Sustainability standards in key export markets intensify pressure
on the Global South to accelerate its energy transition. The EU,
for instance, is implementing a system that assesses a tax on the
CO2 footprints of many imported materials and products and a ban on
goods sourced from recently cleared rainforests or made with forced
or child labor,” reads the report.
BCG analysts note that many Global South nations are taking a
pragmatic approach to climate, however, by prioritizing solutions
that benefit both their environments and their economies.
“Given their dependence on fossil fuel exports and more
energy-intensive industrialization, such nations are maintaining
growth-centric policies and gradual energy transition pathways.
ASEAN’s strategy for becoming carbon neutral exemplifies this
balance. The bloc seeks to unlock $5.3 trillion in economic
opportunity while advancing sustainable growth,” the report
reads.