Introduction

Climate change has become one of the most pressing environmental challenges. The Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report (2021–2023) warns that global warming is likely to exceed 1.5°C in the 21st century unless there are deep reductions in greenhouse gas (GHG) emissions across all sectors ( Lee et al. 2024 ). According to the United Nations Environment Programme ( UNEP) Emissions Gap Report 2023 , Global GHG emissions reached an all-time high in 2022 (57.4 gigatonnes of carbon dioxide equivalent [GtCO₂e]), and 2023 is on track to be the warmest year ever recorded ( UNEP 2023 ). The World Economic Forum’s Global Risks Report 2024 identifies climate-related risks, such as extreme weather events, biodiversity loss, and natural resource shortages, as the top three risks by severity over the next decade ( World Economic Forum 2024 ). Without immediate climate action, global gross domestic product (GDP) could shrink by up to 11–14% by 2050 under a “business-as-usual” emissions scenario, with emerging markets projected to suffer the most severe economic shocks ( Swiss Re Institute 2021 ).