Economy and Global Warming

Economy and Global Warming

The global warming is viewed as dangerous process not only according to the environmental issues . Now it is often viewed in regards with its impact on the economy . Recently it was claimed that the increase of the rate of global warming led to the higher damage costs

Among the main tasks of the economics of global warming is estimation of the economic costs of global warming , their evaluation and distribution as well as evaluation of the cost of the actions , which are devised for fighting the global warming

process . In this process economists rely on the data obtained from the The newest findings and current data are discussed at a number of annual conferences and meetings . In April 2007 there was an Intergovernmental Panel on Climate Change (IPCC ) conference . Representatives of over 120 nations were present there is to discuss the ways of mitigation of the global warming process as well as economic and societal costs of these actions . As the result of the conference there was an approval of the IPCC Fourth Assessment Report . The main idea of this report is that benefits of mitigation of global warming are worth all the mitigation costs incorporated in this process (Coleman , 2007

Economic impacts of global warming

First of all I 'd like to set the discussion and explain why the question of the global warming is so al for the economists . During the last few decades there were a number of researches focusing on the economic damage of the global warming . As the result of these researches there appeared a number of reports on the aggregate net economic costs of damages caused by the global warming and the climate change . These costs are usually defined in terms of the social cost of carbon (SCC , which can be defined as the estimation of the future expenses of the world economies caused by the global warming from carbon dioxide emissions which are done in the present . Thus , according to numerous reports SCC in 2005 was estimated as US 43 per tonne of carbon (tC (IPCC Summary for policymakers , 2007

Very valuable idea of the influence of global warming on the economy was provided by Professor Robert O . Mendelsohn of Yale School of Forestry and Environmental Studies in Copenhagen Consensus

A series of studies on the impacts of climate change have systematically shown that the older literature overestimated climate damages by failing to allow for adaptation and for climate benefits These new studies imply that impacts depend heavily upon initial temperatures (latitude . Countries in the polar region are likely to receive large benefits from warming , countries in the mid-latitudes will at first benefit and only begin to be harmed if temperatures rise above 2 .5C . Only countries in the tropical and subtropical regions are likely to be harmed immediately by warming and be subject to the magnitudes of impacts first thought likely . Summing these regional impacts across the globe implies that warming benefits and damages will likely offset...