Climate Risk Management and the Role of Government Javeed Iram Ph.D. Research Scholar, RIMT University, Punjab, India Email id: iramjaveed5@gmail.com
Online Published on 27 February, 2024. Abstract The main aim of this paper is to focus on the relation between innovation in technology to measure, monitor and manage climate change and its impact on the environment. The purpose of the study is to discuss the causes of climate change and its impact on planet earth as well as the innovations in technology done to reduce the effect of the damage caused to the present as well as the future generations. First, we will discuss the climate change problem and the technological innovations done to measure and monitor those problems, then we will examine the sustainability solutions. The need for the study is that because of continuous emission of Green House Gases, the problem of climate change has emerged, and it is estimated that with the future rise in population and development, the rate of emission of Green House Gases will further rise resulting in rise in temperature of the earth globally thereby effecting not only the present generation but the future generation also. If the rate of emission of Green House Gases is reduced annually across the globe according to the recent research, the rise in temperature will be reduced and the most adverse effects like global warming, rise in sea level, floods, wildfires, etc. can be reduced. The methodology used is descriptive in nature and secondary data through various sources is used to study the same. Artificial intelligence is one of the tools which alerts the people before any calamity. The insurance companies predict future damage by using sensors of this unit. Telematics is another technology which is devised in such a way that it can bring considerably reduction in the emission of fuels. The findings of the study reveal that climate change is an unavoidable situation but the strategy for risk management can be planned, and the insurance companies must work on it. The cooperation between the two is the only solution. The rise in cost is the major challenge for insurance companies which they need to overcome besides sustainability concerns. The practical implication of this study is that it discusses a sustainable future for the coming generation and provides an insight to the researchers to work on this area and bring more solutions to this global issue. Top Keywords Climate change, Inequality, Innovation, Insurance, Sustainability. Top |