THE gravity of the climate emergency is immense, as evidenced by the frequency and intensity of extreme weather events and their impact. The United Nations’ (UN) Intergovernmental Panel for Climate Change has issued a stark warning with its latest Synthesis Report that the repercussions of inaction are monumental.

A broad consensus has already been established on the urgent practical steps required to limit the rise to 1.5 degrees Celsius above pre-industrial levels by the end of the 21st century. We now only have a headroom of 0.4 deg C, with global warming at 1.1 deg C above pre-industrial levels. To never get past 1.5 deg C above pre-industrial levels down the track, we will need to halve our greenhouse gas emissions by 2030 and get to net-zero CO2 emissions around mid-century.

While few would dispute the moral necessity of climate action today, the practical battle against climate change remains stagnant. A major mindset shift is needed for us to bridge the gap between belief and action. As renegade economist Kate Raworth pointed out in her book Doughnut Economics, economists now need to confront the reality that the environment is not separate from the economy and society. The 21st century economist will now need to think holistically to create a model that meets societal needs, protecting planetary boundaries and supporting human progress.