Climate Change

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Climate Change:

Climate Change Ndi ekanem

What is climate change?:

What is climate change?

Key issues :

Key issues Sustainability & sustainable development Over-consumption Resource depletion Economic theory Tragedy of the commons The economic problem True social costs An economists view

Sustainability & development:

Sustainability & development A clear definition was first outlined by Gro Harlem Brundtland in 1987 in the report “our common future” It gave the world a concise directive to follow now that the idea of climate change was becoming more prevalent Sustainable development – “ development that meets the needs of the present without compromising the ability of future generations to meet their own needs”- (Brundtland, 1987). This idea goes beyond environmental concern, in economics especially Transports Growth & development (supply side)

Over-consumption & resource depletion:

Over-consumption & resource depletion Both consumers and governments are guilty of over-consumption in reference to climate change The true social costs of theirs actions are not being paid for, which leads to an excess in demand >> non renewable resources being used up faster Consumerism furthers eats into this practice and continues the chain of fossil fuel dependency In the developed world especially, it is near impossible for consumer behaviour to alter massively

Tragedy of the commons:

Tragedy of the commons This theory outlines the difficulty and costliness in excluding potential users from the common pool of finite resources. This will ultimately result in these limited resources being exhausted. Non renewables are seen as the finite resource.  No significant restrictions in terms of extraction

Slide 7:

MSC MPC MEC MSB/D Costs & Price Quantity Q1 Q P P1

What do economists actually think?:

What do economists actually think? Economic theory is necessary in tackling the problem of climate change. It can potentially outline consumer behaviours and so bring about solutions. However… it is arguable to say that economic opinion is lacking in the issue of climate change. Noah Smith, a well known Bloomberg columnist, supported this view saying “climate econ research has had little impact on the public debate”. Noah S. (2016). Though economists are fully aware of importance and relevance of climate change- “Economic experts believe that climate change will begin to have a net negative impact on the global economy very soon – the median estimate was “by 2025,” with 41% saying that climate change is already negatively affecting the economy” Howard, P. and Sylvan, D. (2015).

Acti0n taken:

Acti0n taken Kyoto Protocol 1997 Emissions trading Created a carbon market for countries to trade within Outlined emission targets for countries involved- with all factors taken into account Paris agreement 2015 Worlds first comprehensive climate agreement Legally binding Limit global average temperatures

Thank you for listening:

Thank you for listening

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