The Economics Of Climate Change

The world economy is a very complex system; in the system harmful externalities disrupt capital flows and determine economic productivity. Most notable of these externalities is inadvertent global warming. Spending towards research and regulation of climate change at both the national and international level are very important in determining current and future business trends. Economists and scientists worldwide continuously debate the pros and cons of emissions reduction and what consequences can quickly follow. Though many have different views on the issue, all can agree that the immediate and long term effects of climate change have become an economic matter of paramount importance. The sweeping impact from climate change will have important fiscal, financial, and macroeconomic ramifications that influence global commerce standards.

In recent years, global climate change due to global warming has been largely researched. The paper, “Global Climate Change Triggered by Global Warming,” offers compelling evidence from various scientific papers that the process of Earth’s climate undergoing significant change has already begun and requires our attention due to the probability that human-generated greenhouse gases are the primary cause. Major focal points are shifting towards determining the causes to mitigate the effects rather than establishing the existence as sufficient amount of evidence has proven that global warming is indisputable. During the final decade of the 20th century, climatologists have concluded that the past millennium to be the warmest, especially in the year of 2005. Solutions towards the cause would require assistance from the population as a whole.

Global warming is the environmental and social changes caused by emissions of greenhouse gases. Human activities have been the primary cause of this significant change, resulting with extreme weather conditions, increasing sea levels, and climate changes. In this paper I will compare and contrast natural versus anthropogenic climate changes of global warming, mitigation strategies, mitigation effectiveness, policy implications, costs, and address some policy changes to help stabilize global climate.

As Earths average temperature increases every year, the discussion of climate change has become a significant topic in the scientific community. Human activities such as powering factories, running automobiles or something as simple as burning wood for heat, emit dangerous greenhouse gases. What makes these greenhouse gases so detrimental is that they absorb the heat radiating off of Earth and keep it in the lower atmosphere creating a “blanket” of warmth around the Earth’s surface. This causes a drastic increase in the Earths average temperature. Due to the rise in temperature, the polar caps have been melting faster than ever, this is dangerous not only because of the risk of floods and sea level increase but ocean water will become less saline and ecosystems will be destroyed, impacting humans just as much as marine life. In the article, Understand faulty thinking to tackle climate change by George Marshall, Marshall states that most people in our world today do not care about climate change because it will not affect them, “Which points to the real problem: climate change is exceptionally amorphous, … no deadlines, no geographic location, no single cause or solution.” (Marshall 2014). Because the author makes it clear that climate change is indeed a great plight, and fails to be acknowledged by people, it is a significant matter that should be discussed

This book is helpful because it assists in spreading awareness about global warming. Scranton takes a scientific approach to global warming, presenting what will happen, and why, we as the human species, are unlikely to solve it. Scranton writes, “climatologists now predict [a rise] in global temperatures 3.6 degrees Fahrenheit

The first argument examined on the man-made global warning side is that increasing greenhouse gases caused by human activities is causing directly observed climate changes. The first resulting climate change discussed is warming global surface temperature. There has been an increase in global surface temperature of 0.74 degrees C since the late 19th century. In the last 50 years alone the temperature has increased by 0.13 degrees C per decade. North America and Eurasia have seen the largest increase in warmth. However, some areas of the earth have actually cooled some this past century (Easterling & Karl, 2011, para6). After the mid 20th century 70% of the global land mass saw reduced diurnal temperatures. From 1979 to 2005 the maximum and minimum temperatures have shown no change; both indicate warming (Easterling & Karl, 2011, para10). Furthermore, borehole temperatures, snow cover, and glacier recession data all seem to agree with recent warming (Easterling & Karl, 2011, para11).

Today, people in the United States and around the world face a changing climate that threatens our way of life. An increase in the frequency and severity of extreme weather conditions poses a threat to food security, infrastructure and economic affluence. In the United States, climatologists from the United Nations project that a seven-degree Fahrenheit increase in average temperatures will cause more frequent droughts affecting agriculture in the Midwest and more severe and frequent tropical storms and hurricanes affecting major cities along both coasts (“Climate” 7). Addressing these issues will require rigorous cuts in greenhouse emissions. The implementation of a comprehensive economic policy that includes the use of cap-and-trade markets, carbon taxation, and clean energy subsidies is one step toward addressing the increasingly-critical issue of climate change.

A lack of progress in recent years indicates a low level of concern among world leaders. In recent years, many scientists have implored leaders who seem not to be interested in climate change to show leadership in offsetting the impact of human induced climate change to the planet. As some world leaders seem not to see the urgency to mitigate the impact of global warming, the problem is getting more grounded. It is clear that human activities have altered the composition of the atmosphere since the industrial age. More and more power plants have been built, and their greenhouse gas emissions are causing more discomfort to the

Nowadays, the climate is changing and the temperature on Earth is rapidly increasing; changes that impact negatively our environment, health and economy. By definition, global warming is the average increase in the global temperatures. Even though some of this changes come naturally, humans are to blame too because most of their activities result in emission of greenhouse gases which are the main cause of global warming. Due to high use of modern technology, the average temperature on earth has increased by 1.40F since 1980’s. Deforestation and the burning of fossil fuels are the number one causes of global warming. Therefore, it is important to discuss the negative consequences that global warming is having on the United States economy.

This is the topic of our time. Climate change is driving every decision that we make and I believe that this is what politicians are so irked about. The old money that was made on fossil fuels will be obsolete by the new money of green technologies. One of the main problems in the European Union which is great with renewable energy sources is still getting citizens to switch off of older fossil fuel driven technologies due to a cheaper cost and routine (Vašáková 62). The start up cost is always the hard part of going green and I believe politicians are reluctant because it cost votes. What do you both

They looked at two scenarios, inaction, where business’ continue finding and using carbon as they see fit, and action, where business’ use a low-carbon energy mix. They found that not only would the investment cost of the action scenario be no more than inaction, but it would even cost a bit less- 190.2 trillion dollars for action and 192 trillion dollars for inaction. This is before even considering the amount of money saved by the effects of the action scenario itself. The report found that, “the difference in climate damage costs between low (1.5°C) warming and high (4.5°C) warming scenarios could be as high as $50 trillion” (Business Insider). The effect of such a large economic company reporting this data is the perfect example of how using economics for the sake of reversing global warming can be really beneficial. The argument often used by economists is that becoming more sustainable would hurt the economy, but the data in this report proves just the opposite, and how terrible it would be if we did nothing. For the sake of investment in industry’s like coal and gas, this information is often denied. But this is not anywhere near the first time industry’s have had to adapt due to uncontrollable events. This report emphasizes the importance of recognizing

Richard Hilderman, who has a P.H.D in microbiology, said “The 20th Century has been warmer than any other time period in the last 400 years” (60+). Climate change has been brought upon by the burning of fossil fuels, which releases greenhouse gases (Hilderman 60+). The greenhouse gases then make a “blanket” surrounding the earth, which traps heat, making the world warmer (Hilderman 60+). Even though there are some overstated facts regarding climate change, policies to stop it would have a positive effect on the job and economic market, and climate change is the most pressing issue of today that needs more attention and worldwide policies to combat it.

The costs of tackling climate change are high but the outcomes outweigh them, we must overcome the logic that preventing climate change negatively impacts the economy. Actions to reduce emissions and to foster adaption must be considered a source of wealth, as they attract investment and warrant new initiatives of sustainable development.

In the last 100 years, Earth’s average temperature has risen by 1.4°F. The rising global temperatures have caused changes in weather and climate. Global warming refers to the ongoing rise in the average temperature near Earth’s surface. This is causing a climate change, which refers to any significant change (major change in temperature, precipitation, or wind patterns) in the measures of climate lasting for an extended period of time (several decades or longer). Due to this, it is projected that the temperature will rise from 2 to 11.5°F in the next hundred years (US EPA, 2014). The “drivers,” which are the principal causes making this occur, are very controversial. It is debated whether a change in temperature is due to the work of

Climate change otherwise known as global warming has been an ongoing issue for decades. Beginning in the 19th century, climate change has increasingly affected Earth and its atmosphere. Rising levels of carbon dioxide are warming the Earth’s atmosphere, causing rising sea-levels, melting snow and ice, extreme fires and droughts, and intense rainfall and floods. Climate change has and will continue to affect food production, availability of water, and can add to many health risks in humans and animals. In fact, in an article by Justin Gillis titled, “Scientists Warn of Perilous Climate Shift Within Decades, Not Centuries” he focuses on a paper written by a former NASA climate scientist, James E. Hansen, explaining the effects of climate change on Earth today. Although many believe Hansen’s theories in the paper are quite far-fetched, the author mentions, “Despite any reservations they might have about the new paper, virtually all climate scientists agree with Dr. Hansen’s group that society is not moving fast enough to reduce emissions of greenhouse gases, posing grave risks” (Gillis). Gillis validates the fact that climate change has been rapidly expanding throughout Earth and society has not been able to reduce it fast enough. Many negative risks are being posed and will continue to mount if the issue of climate change is not taken seriously. Although climate change negatively affects nearly all aspects of Earth, it poses a big