Climate change is no longer a distant possibility but a real and present danger to economies worldwide, reinforcing the need for transformational change to build resilience to its impact. Governments, businesses, and individuals must anticipate and prepare for climate change rather than react after the fact. Extreme weather patterns, the rising of sea levels, and energy insecurity underline the vital need for renewable energy sources and policies transitioning countries away from fossil fuels. To shift the focus towards environmentally sustainable growth, economic policies must abandon short-term gross domestic product measures and assess the harm from carbon-polluting industries and environmental degradation. Climate change is caused by relentless emissions of greenhouse gases from fossil fuels, making clear accountability a vital tool for prevention. The economics of spillover harm, which measures negative externalities, needs to become a staple in growth economics to decarbonize economies. Development projects must pass a climate resilience test, avoiding fossil fuel use and subsidies, and prioritizing climate financing. Global cooperation in climate finance investment is necessary, as well as investing resources in preventive climate measures. Public support is critical, similarly to the mobilization of funds during the COVID-19 pandemic. The same political will is necessary to fight climate change’s existential threat.
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