Impact of Globalization on Sustainability
Updated: Aug 26
Over the past decades, technology and societal revolution have proffered mankind numerous resources to synchronize on a dynamic platform. From transport and digital credibility to telecommunication, our global community has dodged barriers to networking with others for mutual interest and livable circumstances. The intellect is intensely advanced by globalization which is the concept of empowering networking, cooperation, and independent learning through advanced technology and transportation. Throughout many centuries, countries have established economic partnerships to facilitate movement. However, the term gained popularity in the early 1990s after the Cold War, as these collaborative arrangements shaped modern everyday life.
According to WHO, ” the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”
Globalization and G20 Summit:
The G20 is a group of governments and central bank governors from 19 countries and the European Union (EU) who work together on global economic and financial stability. Established in 1999, the G20 brings together the most important industrialized and developing economies to discuss pressing global issues of mutual interest.
G20 leaders gather annually for a summit to coordinate and discuss topics such as economics, trade, climate change, migration policies, terrorism, the future of work, and global wealth. Since G20 leaders represent the "political backbone of the global financial architecture that secures open markets, orderly capital flows, and a safety net for countries in difficulty," major international events are achieved and globalization is made simpler.
Influence of Globalization:
As a pivotal intellect, it has revolutionized networking and collaboration among nations and societies for cooperation and livable economic and societal conditions. Several individuals synchronize on global platforms annually to discuss pressing global issues alongside enriching the trade-economic cooperation under the bilateral engagement among organizations, central banks and governments.
It allows financial exchanges between companies, changing the paradigm of work and enabling many people as global citizens. The importance of where goods come from has become less significant and the distance between locations is no longer a hindrance for many services to be provided.
Analysts suggest that globalization has played a significant role in improving the global economy and creating substantial wealth. This is because knowledge and information can be easily shared across borders, and cooperation among the most talented individuals can accelerate progress. Financial globalization has contributed to the rise of a global financial market in which contracts and capital exchanges have multiplied, leading to sustainable economic incentives.
Although there are numerous merits for globalization, it has also decelerated environmental sustainability within our global community. The global economy depends on fossil fuels to generate energy, transport goods and manufacture colossal quantities of plastic and fertilizers for consumerism.
Should the global community rely on renewables, it can impact societies through urbanization, mining, industrial agriculture and others. At the same time, global economic growth and industrial productivity are the driving force and the consequences of globalization. They also have big environmental consequences as they contribute to the depletion of natural resources, deforestation and the destruction of ecosystems, and loss of biodiversity which also generates a global garbage problem, including colossal plastic pollution.
According to journalists, globalization is accelerating climate change and does not respect the principles of ecology. Issues such as global warming require a coordinated response from all global players: fight against CO2 emissions, reduction of waste, and a transition to renewable energies mandate global action by all citizens.
The intellect of localization:
Localization, also regarded as regionalization, can be the most efficient way to
mitigate and adapt to climate change. Localization stimulates small-scale
diversified food production and wise-resource use.
“It is the economic framework we need to regenerate soils, draw down carbons, bring back diversity and cool microclimates”
In localized economies, we don’t acquire growth-based, energy-intensive, global systems of extraction to meet our needs. Instead, we produce products for our communities and societies in smart, efficient, and ecologically adapted ways.
By revitalizing land-based economies, we create lifeboats of biodiversity, soil health, community well-being, and resilience by practicing lead-management techniques such as cultural burns and water-retention techniques to buffer against climate disasters.
https://www.piie.com/microsites/globalization/what-is-globalization - What is Globalization? - PIIE
https://youmatter.world/en/climate-change-global-warming-meaning-definition-causes-consequences - Climate Change: Meaning, Definition, Causes, Examples And Consequences