Connecting, Nurturing, Creating for Sustainable Environment

Economic Implications
   

 
 
The Stern Review published in 2006 provides in-depth analysis on this.
 
“Impact: Climate change poses serious impacts on growth and development, including world output, human life and the environment.
 
All countries, rich and poor, will be affected.
 
Cost: The estimated cost of taking strong action now to reduce GHG emissions is about 2% of global gross domestic product (GDP) each year. If no action is taken now, the overall costs and risks of climate change will grow to five to 20% of GDP or more.
 
Business opportunities: Action on climate change will create significant business opportunities with the rise of new markets in low-carbon energy technologies and other low-carbon goods and services.
Employment in these sectors will expand accordingly.
 
 
Policy required for an effective global response:
1) Pricing of carbon implemented through tax, trading or regulation;
2) Policy to support innovation and the deployment of low-carbon technologies; and
3) Action to remove barriers to energy efficiency, and to inform, educate and persuade individuals to take action on climate change.
 
Approach to tackling climate change: Action by individual countries is not enough. Climate change demands an international response, based on a shared understanding of long-term goals and agreement on frameworks for action.
 
Future international framework: A framework should include:
  • Adopting ambitious emission reduction targets
  • Encouraging effective emissions trading market mechanisms
  • Supporting programmes to combat deforestation
  • Promoting rapid technological progress to mitigate the effects of climate change
  • Providing support to developing countries to combat climate change

 

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