Industry 5.0, Quality of Life, and Sustainable Adaptation to Climate Change: Challenges and the Transformational Way Forward

Introduction

The United Nations Framework Convention on Climate Change (UNFCCC) introduced the Paris Agreement in December 2015 at the Conference of Parties (COP21) in Paris to address climate risk by reduction of greenhouse gas emissions globally (UNEP, 2016). Globalization and the ever-escalating consumer demand driven conventional economic model which is the cornerstone for economic upturn, poses a key challenge to sustainability in the global ecosystem. In the post pandemic era, businesses, governments and citizenry are equivocal in their stance towards a resilient economic recovery system based on green finance and green energy framework enhancing the environmental, social and economic sustainability through reformed financial system and a circular economy (Asmelash et al, 2020). Climate change induced ecological instability requires concrete adaptation pathways to be devised and strict policy formulations aiming at individual, community and industry participation for planning, implementation and institutionalization of resilience strategies to reduce climate risk and boost sustainability. Specific industrial sectors and regions battling ‘Resource Curse’, justice, social, economical and environmental vulnerabilities are other potential challenges staring us in the face due to climate change (Loginova et al, 2019). As geographies around the world have been reeling under severe climate risks in gigantic proportions, there has been a compelling urgency for humanity to embrace sustainability and rein in adaptation as well as mitigation measures posed by the climate hazard (Rizzello, 2022). Prior studies have described the detrimental effects of climate change on human health (Corsi et al, 2020; de Vries, 2019; Ebi et al, 2021; Kotcher et al, 2021; Solomon, & LaRocque, 2019; Xu et al, 2020).

These concerns have led the governments and international monitoring bodies to encourage the formulation of economic models based on sustainability instead of reliance on models based on fossil fuels and greenhouse gas emissions (International Institute for Sustainable Development, 2020; Kasinathan et al, 2022; Maddikunta et al, 2022).

Giving predominance to a phased and gradual shift to clean and green energy model that aid in the development of Industry 5.0 powered by resilient and robust green energy frameworks will help in building a stronger and healthier living conditions for humankind. Under Industry 5.0(I5.0), the new upturns will bring comprehensive changes in the existing value chains from the incubation phase to end of lifecycle phase with embedded systems of waste minimization within (United Nations, 2020). A robust health infrastructure, among other things will need critical power supply and functional water supply, both of which are energy intensive. In terms of normative thinking, a paradigm shift to clean and green energy sources will help in dealing with health risk imposed by climate change. Initiatives as these will lead to mammoth strides in the direction of sustainability. Businesses need to work closely with stakeholder engagement at a greater depth to usher in sustainability hand in glove with I5.0 (Nahavandi, 2019).