Demystifying The Climate Change Vocabulary: A Beginner's Guide(Part 1/3)
As Climate Change is expanding its popularity in the financial world, it's wise to have some climate vocabulary sessions and stay current with the several upcoming 'Climate Talks'
Recent insights into the phenomenon of Climate Change have taken us on a whirlwind of buzzwords that can sound very daunting. I personally can’t help but run to the Google search bar and cross-check some meanings during informative ESG or Climate workshops. Not to fret, this month will be dedicated to acquainting ourselves with the Climate Change Vocabulary.
So let's get right down to it.
Climate Change & Global Warming.
I have seen many people mix these 2 up all the time.
Climate Change is simply a long-term deviation of the average weather patterns of a place or region over a long period of time. This also includes the several effects. Global warming on the other hand, is an ASPECT of climate change which just involves the increase of average temperatures of a place. While Climate Change encapsulates all weather changes in an area, Global Warming only takes into account places that have hotter temperatures. They are not the same.
Climate Mitigation, Climate Resilience, and Climate Adaptation.
These definitions sound similar but are slightly different. All these are terms on how to reduce the impacts of Climate Change.
Climate Mitigation refers to the efforts made in combating climate change by addressing the root cause - Reduction of greenhouse gas emissions in homes by enhancing forestry practices, transition to renewable energy
Climate Resilience- This is sometimes seen as a stance inbetween Climate Mitigation and Adaptation. This focuses on enhancing and preparing communities, infrastructures, ecosystems, etc. to recover from the impacts of Climate Change
Climate Adaptation- This refers to techniques adopted in our daily lives to adjust to the current and expected impacts of Climate Change, eg. Building Climate Resilient Homes, having indoor plants, etc.
Sustainability & Environmental Social Governance (ESG)
Sustainability is the ability to maintain the use or support of a process over time. It is meeting the needs of the current generation without compromising the needs of the future generations. To estimate the longevity or sustainability of a business or a project, an ESG framework is used as a measuring stick. Many investors believe that companies with strong ESG performance are better positioned for long-term success and reduced risk. In summary, sustainability is a broad concept encompassing all long-term practices to meet the needs of future generations while an ESG is a set of criteria used to assess the credibility of a company in terms of its stance on environmental, social, and governance aspects.
Greenhouse Gas Effect (GGE) & Greenhouse Gas (GHG) Emissions
Even though our planet is 3rd farthest from the sun, it remains a cold planet. To encourage life on Earth, some gases encircle the planet to absorb the heat from the sun to warm the planet. These gases form a thin blanket around the earth and are called the Greenhouse Gases (GHGs). The process through which heat from the sun is trapped by these gases to warm up our planet is called the Greenhouse Effect. The main GHG gases are Carbon Dioxide (CO2), Nitrous Oxide (N2O), Methane (CH4), and Water Vapour. The problem is that there is a sharp increase in the amount Greenhouse Gases emitted or overall Greenhouse Gas Emissions (due to Man’s activities) which is the major cause of Climate Change.
These are some of the most common terms used in any climate-themed conference or workshop, you attend. See you next time to demystify more of the climate change vocabulary. Hope this helps!
Remember, I am rooting for you.
Monica Fatogun
The Nature Nymph