[Initial Insight] New Year's Wish: 'Reducing Unnecessary Consumption'

[Image source=Yonhap News]

[Asia Economy Reporter Junho Hwang] In August last year, Seoul experienced the heaviest rainfall in 80 years. With over 100mm of rain per hour, 12 people lost their lives. Across the ocean in the United States, a Christmas winter storm struck hard, causing the deaths of more than 60 people due to cold and storm-related incidents. In Pakistan, 33 million people suffered from heavy rain damage. Climate change has thus completely upended our lives.

We are creating an ecosystem to respond to climate change by developing technologies that replace fossil fuels or opening paths for investment in them. Last year, major domestic companies including Samsung Electronics began participating in RE100 (achieving 100% renewable energy use) with a goal to use 100% renewable energy by 2050. In the United States, climate change response efforts have been initiated through a creative(?) bill aimed at curbing inflation via climate change-related industries. Europe and others are focusing on securing new renewable energy sources as new growth engines to avoid the energy crisis caused by the Ukraine war.

However, the road ahead still seems long. According to Gates Notes, the personal blog of Microsoft founder Bill Gates, who is pouring astronomical wealth into climate change response, carbon emissions increased from 51 billion tons to 52 billion tons annually from 2021 to last year. That said, our path is not wrong. After all, humans have solved various problems through technological progress.

But by shifting the perspective slightly, we can explore a new path?one that does not involve growth. By reducing consumption, we can lower carbon emissions, a major cause of climate change, without spending astronomical amounts. J.B. MacKinnon, an associate professor in the Department of Journalism at the University of British Columbia and an authority in this field, cites ‘reducing consumption’ as the best way to cut carbon emissions. Since World War II, global carbon dioxide emissions have decreased only four times: in the mid-1980s, early 1990s, 2009, and 2020. Among these, there has never been a reduction in carbon emissions through new technologies without giving up growth such as green growth or renewable energy. Emissions shrank when consumption declined due to economic recessions. The best example is 2020, when COVID-19 spread and face-to-face contact was restricted, causing consumption to shrink. As face-to-face contact was banned, consumption plummeted and factories closed. During this time, carbon dioxide emissions dropped by as much as 7% compared to previous years. He says, "When the world stops consuming, carbon emissions also decrease."

Our consumption has already risen far beyond the limited resources of the Earth. According to the Global Footprint Network, the last year humanity lived within the means of one Earth was 1970. Currently, humanity consumes 2.7 global hectares per person. Considering that the approximate fair share of land and water resources per person is about 1.6 global hectares, it means we need about one more Earth. In the case of South Korea, the consumption scale requires four Earths, and for the United States, five Earths are needed.

Reducing spending is as difficult as fulfilling New Year's wishes. Once the size of a house or car grows, it is hard to reduce it unless there is an economic shock such as job loss. But it is a new year. It is a time to make resolutions to be reborn as a new self through weight loss, exercise, quitting smoking, and so on. Why not broaden your perspective and include ‘reducing unnecessary consumption’ on your New Year's wish list as a way to participate in global climate change response?