Climate Change and Its Impact on the Economy, Business and the Society

Climate Change: Global climate change is the long-term alteration in the average temperature, largely driven by anthropogenic activities - caused by excessive burning of fossil fuels, high rate of deforestation, and growing industrial emissions - that compound the high concentration of greenhouse gases in the atmosphere. The IPCC AR-6, 2023, observes that the world's average temperature will increase from current average 1 degree Celsius to 1.5 degree Celsius by 2045 and further 2 degrees Celsius by the end of the 21st century.

The WMO cautions that climate change is not just about rising in average temperatures, but its broad range of catastrophic socio-economic and environmental effects due to: (i) frequent and intense extreme weather events (floods, droughts, heatwaves, wildfire fire, and storms), (ii) melting glaciers and rising sea levels, and (iii) disruption of ecosystems and biodiversity. Climate change is not just an environmental issue, but more importantly imposes high societal costs on economy, business and society at large.

Objectives: The major objective of the international conference on climate change goes beyond academic discourse and dialogue and inspires policy action, build consensus among the stakeholders, and strengthen the global resolve to combat climate change and secure the future of the economy, business and society.