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These (cost-benefit) models balance the economic implications of mitigation and climate damages to identify the pathway of emissions reductions that will maximize total economic welfare. [38] In other words, the trade-offs between climate change impacts, adaptation, and mitigation are made explicit.
Carbon pricing (or CO 2 pricing) is a method for governments to mitigate climate change, in which a monetary cost is applied to greenhouse gas emissions. This is done to encourage polluters to reduce fossil fuel combustion, the main driver of climate change .
Mitigation costs will vary according to how and when emissions are cut. Early, well-planned action will minimize the costs. [142] Globally, the benefits of keeping warming under 2 °C exceed the costs, [285] which according to The Economist are affordable. [286] Economists estimate the cost of climate change mitigation at between 1% and 2% of GDP.
Climate finance is "finance that aims at reducing emissions, and enhancing sinks of greenhouse gases and aims at reducing vulnerability of, and maintaining and increasing the resilience of, human and ecological systems to negative climate change impacts", as defined by the United Nations Framework Convention on Climate Change (UNFCCC) Standing Committee on Finance.
Abatement cost is the cost of reducing environmental negatives such as pollution. Marginal cost is an economic concept that measures the cost of an additional unit. The marginal abatement cost, in general, measures the cost of reducing one more unit of pollution. Marginal abatement costs are also called the "marginal cost" of reducing such ...
There has been slow progress on implementing mitigation and adaptation. Some losses and damages are already occurring, and further loss and damage is unavoidable. [2]: 62 There is a distinction between economic losses and non-economic losses. The main difference between the two is that non-economic losses involve things that are not commonly ...
The economic problem with climate change is that the emitters of greenhouse gases (GHGs) do not face the external costs of their actions, which include the present and future welfare of people, the natural environment, [6] [7] [8] and the social cost of carbon. This can be addressed with the dynamic price model of emissions trading.
The Stern Review on the Economics of Climate Change is a 700-page report released for the Government of the United Kingdom on 30 October 2006 by economist Nicholas Stern, chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics (LSE) and also chair of the Centre for Climate Change Economics and Policy (CCCEP) at Leeds University and LSE.