INCREASING OIL PRICES are both an advantage and disadvantage to the world.
On the one hand, the rising oil price obviously impacts the global economy negatively, since it raises production costs and increases the potential of higher inflation. On the other, higher oil prices discourage the further consumption of crude oil, which has been widely recognized as one of the major factors contributing to global warming.
The economic slowdown might affect our short to medium-term quality of life, but climate change caused by global warming could seriously ravage future generations.
The world's attention has been drawn to the recent growth of GDP in emerging nations. When we consider their growth as a solution to the problems of regional poverty, we should remember that the same economic growth can also harm our community, society, region or even planet.
There is no reason to trade sustainable development for temporary satisfaction. It is not rational to blame emerging nations because the developed world has also contributed to environmental damage. However, seeking a cure is now more important than identifying the causes and we need to meet the needs of the present generation without compromising future generations.
Everyone should keep in mind that saving the planet is the only option we have. Many international organizations have initiated various projects and initiatives to deal with climate change, but it would be more feasible if those organizations could also identify their incentives. This would increase the numbers and the willingness of participants and stakeholders to search for solutions to the climate change issue.
At an international level, Taiwan cannot ignore climate change and focus only on economic growth. Although Taiwan does not have access to international forums such as the UN, the nation can still make good use of its existing channels, such as APEC and the Pacific Economic Cooperation Council (PECC), to help in the fight.
To better manage the impact and causes of global warming and natural resource depletion, Taiwan initiated an international project, "Climate Change and Green Opportunities: Business, Society and Cooperation" during last year's PECC general meeting in Sydney and the executive committee meeting in Singapore.
The objectives of this project are to explore opportunities for growth and prosperity for the Asia-Pacific economies that also address the issue of climate change. Different from other proposals, the project has attempted to provide incentives to make it more feasible.
Efforts devoted to dealing with climate change could usher in new production methods and different developmental perspectives, which could potentially generate opportunities for regional cooperation and innovation. Despite individual and joint efforts devoted to resolving the problem of climate change, the project team from Taiwan wants the Asia-Pacific region to further explore ways to resolve the issue and enjoy the byproducts generated by the process. This concept therefore aims to build a regional partnership for member economies to fully share experience, knowledge, expertise and views on how to cope with and manage climate change.
The project will also seek opportunities in business, society and cooperation for the growth and development of the various economies in the region at different stages of maturity. The project team provisionally identified three specific areas to target.
The first area is business opportunities relating to managing climate change, exploring the benefits to be gained from clean production processes and implementing environmentally friendly consumption.
This relates to production processes that help reduce pollutants and increase added value, while environmentally friendly consumption relates to saving energy and reducing environmental damages through specific supply and demand activities.
Clean production, "green" consumption and the "green" industries that emerge from managing climate change could also lead to business opportunities. Reducing pollutants and increasing added value during production processes could lead to opportunities in industrial waste minimization and the spread of "green" chemical technologies. The promotion of environmentally friendly architecture could lead to opportunities in the energy efficiency and environmental preservation business. Furthermore, these new "green" industries could then aim to create economies of scale through international cooperation.
The second area targeted is what society could gain from climate change-related education. Nature preservation that focuses on the protection of land and forests, together with the prevention of natural disasters caused by climate change, are considered potential solutions to some of the problems of climate change. However, people tend not to focus on the social impact of climate change or the possible benefits adopting specific solutions could bring.
The project could help explore the potential social impacts as well as discuss the feasibility of the proposed solutions. For example, education about environmental preservation, conserving regenerative and depletive resources and on the prevention of air, water and soil pollution could be incorporated into existing educational systems.
Finally, the third area targeted is the opportunities for cooperation that can be derived from developed and developing economies working together on managing climate change through information and innovation sharing.
In last year's APEC leaders' declaration, the region's economic leaders said: "Adapting to the impact of climate change is a priority for domestic development strategies which should be supported by the international community, including through appropriate policy exchanges, financing, capacity building and technology transfer."
A response to that call would require horizontal and vertical cooperation among governments.
There is only one planet and there is no option B. Climate change is a pressing global issue that jeopardizes the Earth and mankind, and the issue is a time bomb that needs to be dismantled as soon as possible.
This project is not only Taiwan's but also a project for everyone on the planet. Its purpose is to entice more people who have the required resources to get involved.
Darson Chiu is an associate research fellow at the Taiwan Institute of Economic Research.
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