Climate Change Has Changed The Way We Understand Economic Growth And Development

2502 WordsMar 13, 201611 Pages
Concerns about the relation between economic growth and development, and environmental issues have been emerging, including the discussion whether fundamental changes in society is required to realize long-term environmental sustainability. Several measures have been introduced in order to address climate change; on the other hand, the extent to which climate change has changed the way we understand economic growth and development is controversial. This essay will argue that climate change has changed the way we understand economic growth and development to a limiting extent with the following underpinnings; powerful economic institutions such as the World Bank and the International Monetary Fund have not taken environmental issues into account in their programs, the states in developing countries have taken little measures to tackle the issue, and the approaches aiming to tackle climate change such as the Paris Agreement and emissions trading remains trapped within neoliberal structure. Firstly, influential economic institutions such as the World Trade Organization (WTO), the World Bank and the International Monetary Fund (IMF) have paid little regard to their effects on the environment. Though world trade continues to expand in the era of globalization, the General Agreement on Tariffs and Trade (GATT) and later the World Trade Organization do not fully appreciate the correlation. The WTO seems to take account of the environmental issues as French mentions, “the

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