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Economic analysis of climate change. Estimated median income loss or gain per person by 2050 due to climate change, compared to a scenario with no climate impacts (red colour indicates a loss, blue colour a gain). [1] An economic analysis of climate change uses economic tools and models to calculate the magnitude and distribution of damages ...
Changes in climate can cause decreasing yields for some crops and regions, resulting in higher food prices, food insecurity, and undernutrition. Climate change can also reduce water security. These factors together can lead to increasing poverty, human migration, violent conflict, and mental health issues. [7][8][3]
Globally, the benefits of keeping warming under 2 °C exceed the costs. [123] Economists estimate the cost of climate change mitigation at between 1% and 2% of GDP. [124][125] While this is a large sum, it is still far less than the subsidies governments provide to the ailing fossil fuel industry.
Climate change scenarios can be thought of as stories of possible futures. They allow the description of factors that are difficult to quantify, such as governance, social structures, and institutions. There is considerable variety among scenarios, ranging from variants of sustainable development, to the collapse of social, economic, and ...
The Dynamic Integrated Climate-Economy model, referred to as the DICE model or Dice model, is a neoclassical integrated assessment model developed by 2018 Nobel Laureate William Nordhaus that integrates in the neoclassical economics, carbon cycle, climate science, and estimated impacts allowing the weighing of subjectively guessed costs and subjectively guessed benefits of taking steps to slow ...
The Economists' Statement on Climate Change was published in 1997, [1] [2] prior to the Kyoto Protocol negotiated that same year, to promote market-based solutions to climate change. It was signed by more than 2,600 economists, [3] including 19 Nobel Prize laureates, and remains the largest public statement in the history of the economics ...
The politics of climate change results from different perspectives on how to respond to climate change. Global warming is driven largely by the emissions of greenhouse gases due to human economic activity, especially the burning of fossil fuels, [1] certain industries like cement and steel production, and land use for agriculture and forestry.
Climate change mitigation (or decarbonisation) is action to limit the greenhouse gases in the atmosphere that cause climate change. Climate change mitigation actions include conserving energy and replacing fossil fuels with clean energy sources. Secondary mitigation strategies include changes to land use and removing carbon dioxide (CO 2) from ...