Climate Change Around the World

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Climate change is a topic that millions of people around the world are debating and it is due to the concentration of gases like carbon and methane, which are responsible for global warming. Global warming is expensive because it impacts various business practices, and the costs of mitigation are also high. Lives are also destroyed, resulting in the depletion of family breadwinners as well as human capital in a variety of sectors. Although the gases can be useful, especially in cooking and industry, the expense of lowering their concentration in the atmosphere may outweigh the benefits.

Climate change, expenditures, efficiency, budget, coping expenses, finances, and development are several key terms. Global warming has many threats to the environment, especially to crops and animals. Emission of gasses such as Carbon IV Oxide and methane gas is to blame for the increasing temperatures because of the depletion of the ozone layer. If nothing is done to lower pollution of the atmosphere, there may be serious environmental damage. Climate change is an issue debated by millions of people globally since it is linked to the concentration of gasses such as carbon and methane, which are blamed for global warming (Nordhaus, 2014). Scientists and climatology experts have a big role to play to ensure that people understand the issue and play a role in creating resolutions. Global warming is costly as it affects different economic activities and prevention costs are also high. Billions of dollars are lost every year in managing environmental pollution, which is the major cause of global warming.

Global warming leads to losses in productivity since it make it impossible to work in several jobs due to high temperatures. It costs the world a lot of money such as in India where two people have to share a job to enable them to work in shifts and take breaks from the extreme heat (Nordhaus, 2014). Billions of dollars are lost every year in managing environmental pollution, which is the major cause of global warming. Climate change is also causing a lot of damage to property and infrastructure as sea level rises, while droughts and floods call for huge budgets for repairing the damages caused. They ruin homes, infrastructure, bridges, and power lines among others and governments have to increase the budget for disaster management. Severe rainfall and rainstorms cause great damage to crops, forests, cities, and other public assets, which cost a lot of money to repair. Furthermore, climate refugees are increasing every day as people are forced to migrate from areas facing drought, floods, and other disasters to more productive regions. As a result, governments and individuals may incur huge costs as they try to solve issues associated with global warming.

Coping costs such as the adoption of ways that reduce carbon emissions to the atmosphere are rising every day. For instance, farmers will be forced to use irrigation methods for farming in areas that previously relied on rainfall. In addition, turning to green energy for both industrial and domestic use is very costly (Nordhaus, 2010). Governments in the world may respond to the global warming crises by initiating projects such as constructing seawalls, containing sewer flows, strengthening bridges, and building early warning signs. The cost of rebuilding after disasters caused by global warming is high and governments and other organizations may find it difficult to achieve targets. Lives are also lost leading to loss of family breadwinners and human resources in various industries. All these tragedies caused by global warming are costly to the human population and the cost should not be ignored.

On the other hand, the cost of global warming is manageable if proper measures are put in place. Some companies will earn billions of dollars due to innovations to curb Carbon IV Oxide emissions in the atmosphere. Carbon trading is likely to provide new funds for more investments in low-carbon technologies (Nordhaus, 2010). As people try to reduce the concentration of global warming gasses they will initiate projects that will provide incomes to thousands of individuals. As a result, global warming is likely to lower the cost of living due to new investments and innovative ways of earning income. Some industries use some of the greenhouse gasses as raw materials and attempts to control them will lead to creation of raw materials in industries that use such gases for production. For instance, methane gas is used as fuel while carbon dioxide is used in industrial production of acids such as Carbonic acid. Carbon capture through the process of sequestration can help in electricity generation since the compressed gas can be used to power turbines to produce electric power (Vitousek, 1994). Carbon capture is a way of dealing with global warming but it leads to creation of electric power for use in industries and homes. This reduces the cost of power because it ensures that more power is generated for consumers. When the supply is high, the prices are likely to go down.

In conclusion, global warming is a hot topic in the globe since it is blamed for the rising temperatures and the rising of ocean tides among others. Dealing with the phenomena can be costly especially turning to green energy to reduce emissions of greenhouse gases. The costs are related to measures taken to deal with global warming such as irrigation, production of fuels that do not emit the gases, and creating awareness to the public about effects of global warming. Although the gases may be useful especially for cooking and in industries the cost of reducing the concentration in the atmosphere may be more that the benefits. Global warming is becoming too costly for human beings due to the effects the greenhouse gases have on the atmosphere. It is right to argue that global warming is too costly to handle by humans and the costs cannot be ignored.

_x000c_References

Nordhaus, W. D. (2010). Economic aspects of global warming in a post-copenhagen environment. Proceedings of the National Academy of Sciences, 107(26), 11721-11726.

Nordhaus, W. D. (2014). A question of balance: Weighing the options on global warming policies. Yale University Press.

Vitousek, P. M. (1994). Beyond global warming: Ecology and global change. Ecology, 75(7), 1861-1876.

November 23, 2022
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Environment Business

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