Climate Change and Global Sustainability

Climate change has begun to have a significant impact on the world’s economy. The
severity of these impacts will increase over time, but there are also ways in which we
can reduce our contribution to climate change and minimize the potential damages
that it causes. This article discusses some of the potential effects of climate change on
the economy, as well as possible solutions to these problems.

The main cause of global warming is thought to be due to increasing amounts of

greenhouse gases. Greenhouse gases, such as carbon dioxide (CO2), are released into
Earth’s atmosphere and act like a blanket, preventing some heat from escaping back
into space. This process can raise Earth’s temperature. When it comes to how much
temperatures will rise due to global warming, there is still a lot that we don’t know for
sure. It is hard to predict exactly how our climate will change in the future because
there are many variables at play. However, scientists do think that extreme weather
events (such as heat waves and hurricanes) may become more frequent or severe as
Earth warms in response to rising CO2 levels in our atmosphere (EPA).

Climate change is expected to cause increasing losses to American infrastructure and

property and impede the rate of economic growth over much of the nation. But it may
be especially damaging to regions that are already struggling. He says while many
coastal areas will experience losses in low-lying areas, inland cities like Detroit and
Memphis will also take a hit due to droughts or greater demands for air conditioning.
If you live in one of these areas, or plan on opening a business there in an industry
related to infrastructure/property loss (e.g., car insurance), now's a good time to know
what you're up against.

The best way to stop climate change is to put a price on carbon. By taxing carbon, we
incentivize businesses and consumers to choose alternatives that are less damaging to
our environment. A tax on carbon would make renewable energy more attractive by
raising its price relative to dirty energy sources. This policy would also spur
innovation in green technologies by increasing demand for them while they’re still
more expensive than coal and gas.