Climate change and Emission Trading Essay Example | Topics and Well Written Essays - 2000 words

Climate tack and Emission Trading - Essay ExampleIn October 2006, Nicholas Stern, head of the United Kingdoms government economics services presented his report on the economics of mode change to the British Government Stern, 2007. The stern Report estimates that if we dont act, the overall addresss and risks of climate change provide be equivalent to loosing at least 5% of global gross domestic product (GDP) distributively year, immediately 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 run-reducing GHG discharges to avoid the worst impacts of climate change-can be limited to just about 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 importantly 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. The impacts of climate change are, not evenly distributed. The poorest countries and people will, suffer preliminary and most. And if when the damages it will be too late to reverse the process. Thus we leave to look ahead. This is because the countries which have less resources to counter their impact of climate change and also because developing countries are often firmly dependent on agriculture-the most climate sensitive of economic sectors. The stern report finds that while emission have been, and continue to be driven by economic growth yet stabilization of GHG immersion in the melody is feasible and consistent with continued growth. The report recognizes that achieving large emission reductions will have a cost. The estimated annual cost of stabilization at 500-550 PPM CO2 will be around 1% of GDP by 2050- a level that is significant but manageable.C limate change extenuation normally involves reducing GHG emissions. Mitigation can also involve removing CO2 from the atmosphere, usually through a forestation and reforestation such activities are called CO2 sinks. Improved efficiency in the use of fossil fuels and change magnitude use of renewable energy sources are among the most promising option for reducing CO2 emissions. The lowest cost mitigation options generally involve energy efficiency improvement. Energy saving opportunities is often higher(prenominal) in developing countries and is especially large for buildings and in transport (Enqvist, Naucler & Rosander, 2007). Climate change first gained meaning in 1988. Not long afterwards, the United Nations Framework Convention on Climate Change (UNFCCC) was pick out by various governments in May 1992, and came into force, in 1994, (UNFCCC, 1994). Today the UNFCCC is one of the widely supported internationalist environmental agreements ratified by 188 states and the Europea n community. The ultimate aim of the UNFCCC is to achieve stabilization of GHG concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate