Climate change and Emission Trading - Essay Example

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Climate change and Emission Trading

In October 2006, Nicholas Stern, head of the United Kingdom's government economics services presented his report on the economics of climate change to the British Government [Stern, 2007]. The stern Report estimates that "if we don't act, the overall costs and risks of climate change will be equivalent to loosing at least 5% of global gross domestic product (GDP) each year, now and forever. If a wider range of risks and impacts is taken into account, the estimates of damage could rise to 20% of GDP or more. "In contrast, the cost of action-reducing GHG emissions to avoid the worst impacts of climate change-can be limited to around 1% of global GDP each year". These conclusions are in sharp contrast to the implicit assumptions in public statements on climate change. The stern report finds that climate change is not just a nuisance, but can significantly reduce economic growth. And that mitigating climate change is not all that expensive. The stern report concludes, "The benefits of strong, early action considerably outweigh the costs". ...Show more

Summary

The Green House Gases (GHG) Effect is one of the better understood features of the atmosphere; the science having been established in the 1800's by the likes of Arrhenius, Fourier & Tyndall. Arrhenius (1896) estimated that a doubling of CO2 would cause 4.9-6.1o C increase in continental surface air temperature depending upon latitude and season, which is at the upper end of current predictions (1.4oC-5.8oC) under the third AR)…
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Climate change and Emission Trading essay example
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