Evaluate major energy challenges.
Evaluate the impact of global climate change.
Evaluate the concept of greening the economy. This week we will discuss the topic of energy and how we can move away from the use of fossil fuels. We will also discuss the concept of greening the economy to minimize c...
It is said that the stern report is exaggerated in a few ways as Mr Nordhaus finds that the social cost
of CO2 is $2.50 per ton however Mr Stern uses a figure of $85 per ton picking a rate that is even
higher than the Official UK estimates.
The review states that climate change is the greatest and widest ranging market failure ever seen
which presents a unique challenge for economics. It provides prescriptions including environmental
taxes to minimise the economic and social disruptions. The main conclusion of the stern report is
that the benefits of strong, early action on climate change far outweigh the cost of not acting,
without action the overall costs of climate change will be equivalent to losing 5% of GDP each year.
The stern report includes comparisons of Belgium, Norway, Sweden, New Zealand, Denmark,
Finland, and the UK.
It had many impacts on climate change, such as food as the climate change would hamper the
agricultural production in parts of the world, particularly effecting Africa the hardest. But then this
isn’t going to impact the economy massively as it means that Africa can then grow and start
importing more things into the country.
Climate change will require deep emission cuts everywhere if it was going to be slowed down, the
project will take 50 years or maybe longer.
Climate change is a real problem and is mainly caused by human greenhouse gas emissions. The
report says that the cost of hurricanes in the US is said to be both 0.13% of the US GDP and 10 times
that figure.
It is estimated that 95-98% of the increased damage of global warming is due to demographics.
The review of the stern report explains that simple initiatives such as bracing, securing roof trusses
and walls can reduce damage by more than 80%
It is said that the cost of UK flooding will quadruple to 0.4% from 0.1% of GDP.
20% of GDP figure is inflated by an unrealistically pessimistic vision of the 22 nd Century and by an
extreme and unrealistically low discount rate
In 2002 China decided to cut sulphur dioxide emissions by 10% they are now 27% higher despite SO2
being nationally a much bigger health and environmental problem than climate change.
For $75 billion the UN estimates that we could solve all the worlds major basic problems, everyone
could have clean drinking water, sanitisation, basic health care and education right now.
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