Climate change refers to long term changes in temperature, precipitation, wind patterns, and other atmospheric conditions on the Earth. It is primarily driven by human activities, such as the burning of fossil fuels (coal, oil, and natural gas), deforestation, and industrial processes, which release greenhouse gases (GHGs) into the atmosphere.
The most significant greenhouse gas is carbon dioxide (CO2), but others include methane (CH4), nitrous oxide (N2O), and fluorinated gases.
What is the Decarbonization?
Decarbonization refers to the process of reducing or eliminating carbon dioxide (CO2) emissions, particularly those generated by human activities. The goal of decarbonization is to mitigate the impact of climate change by decreasing the concentration of greenhouse gases, such as CO2, in the Earth’s atmosphere. The main focus of decarbonization efforts is often on sectors that are significant contributors to carbon emissions, such as energy, transportation, industry, and agriculture.
Key strategies for decarbonization include.
- Transition to Renewable Energy: Shifting from fossil fuel (coal, oil, and natural gas) to renewable energy sources (solar, wind, hydro, geothermal) is a crucial step in reducing carbon emissions from the energy sector.
- Energy Efficiency: Improving energy efficiency in buildings, transportation, and industrial processes can significantly reduce overall energy consumption and consequently, emissions.
- Carbon Capture and Storage (CCS): Technologies that capture CO2 emission from industrial processes or power plants before they are released into the atmosphere can help prevent the greenhouse gas from contributing to global warming.
- Electrification: Transitioning from fossil fuel-powered vehicles to electric vehicles and using electricity instead of fossil fuels for heating and industrial processes can contribute to decarbonization.
- Reforestation and Conservation: Forests act as carbon sinks, absorbing and storing carbon dioxide. Protecting existing forests, reforesting areas, and promoting sustainable land use practices can enhance carbon sequestration.
Climate Risk Assessment
Climate Risk Assessment is a process that involves evaluating and understanding the potential risks and opportunities associated with climate change for businesses, organizations, communities, and other entities. This assessment aims to identify how climate-related factors, such as extreme weather events, regulatory changes, and shift in market dynamics, could impact various aspects of an entity’s operations, finances, and overall resilience. Key components of a climate risk assessment typical includes.
- Physical Risk: Assessing the direct impacts of climate change on assets, infrastructure, and operations. This may include the risk of extreme weather events (e.g. hurricanes, flood, droughts), sea-level rise, and changes in temperature pattern.
- Transition Risk: Evaluating the risks associated with the transition to a low-carbon economy. This involves considering regulatory changes, technological advancements, market shifts, and other factors that may affect the value of assets or the cost of doing business.
- Regulatory Risks: Examining the potential impacts of new or evolving regulations related to climate change, emissions, and environment sustainability. Changes in environmental policies can have significant implications for certain industries.
PROcess Safety TASK 