The Economics of Climate Change: Assessing the Costs and Benefits of Mitigation Strategies
Main Article Content
Abstract
The economics of climate change presents a complex and multifaceted challenge, requiring careful assessment of the costs and benefits associated with mitigation strategies. This paper provides an overview of the economic dimensions of climate change, examining the costs of inaction and the potential benefits of mitigation efforts. Drawing on economic theory, empirical evidence, and policy analysis, the paper explores the economic impacts of climate change on key sectors such as agriculture, energy, transportation, and health, as well as the broader implications for economic growth, development, and social welfare. Additionally, the paper evaluates the costs and effectiveness of various mitigation strategies, including carbon pricing mechanisms, renewable energy investments, technological innovation, and adaptation measures. Through a comprehensive review of economic models, scenario analysis, and cost-benefit assessments, the paper aims to inform policymakers, businesses, and stakeholders about the economic trade-offs involved in addressing climate change and the importance of adopting proactive and coordinated strategies to mitigate its impacts while promoting sustainable development and global prosperity.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
This license allows others to share, copy, and redistribute the material in any medium or format, as well as adapt, remix, transform, and build upon the material. However, appropriate credit must be given, a link to the license provided, and any changes indicated. Importantly, the material cannot be used for commercial purposes.
References
Arya Garg. (2024). Exploring the Interplay Between Inflation, Currency Depreciation, and Macroeconomic Metrics in India. Innovative Research Thoughts, 9(5), 79–95. Retrieved from https://irt.shodhsagar.com/index.php/j/article/view/670
Ayyalasomayajula, Madan Mohan Tito, Akshay Agarwal, et al. ‘Reddit Social Media Text Analysis for Depression Prediction: Using Logistic Regression with Enhanced Term Frequency-Inverse Document Frequency Features’. International Journal of Electrical and Computer Engineering (IJECE), vol. 14, no. 5, 2024, pp. 5998–6005.
Ayyalasomayajula, Madan Mohan Tito, Srikrishna Ayyalasomayajula, et al. ‘Efficient Dental X-Ray Bone Loss Classification: Ensemble Learning With Fine-Tuned VIT-G/14 And Coatnet-7 For Detecting Localized Vs. Generalized Depleted Alveolar Bone’. Educational Administration: Theory and Practice, vol. 28, no. 02, 2022.
Edenhofer, Ottmar, et al. (2014). Climate Change 2014: Mitigation of Climate Change. Contribution of Working Group III to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change. Cambridge University Press.
Global Commission on the Economy and Climate. (2018). Unlocking the Inclusive Growth Story of the 21st Century: Accelerating Climate Action in Urgent Times.
Intergovernmental Panel on Climate Change (IPCC). (2014). Climate Change 2014: Mitigation of Climate Change. Contribution of Working Group III to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change.
International Energy Agency (IEA). (2020). World Energy Outlook 2020. Paris: IEA.
Nordhaus, William D. (2017). Climate Change: The Ultimate Challenge for Economics. The Economic Journal, 127(600), F1-F25.
Pare, D. A. (2016). A Relational study on Urbanization and Displacement in India. Innovative Research Thoughts, 2(1), 107–113. Retrieved from https://irt.shodhsagar.com/index.php/j/article/view/1395
Pindyck, Robert S. (2013). Climate Change Policy: What Do the Models Tell Us? Journal of Economic Literature, 51(3), 860-872.
Priti Kumari. (2024). The economic consequences of climate change and potential policy solutions. Innovative Research Thoughts, 8(4), 215–220. Retrieved from https://irt.shodhsagar.com/index.php/j/article/view/1195
Rana, R. (2020). Economic History of India. Innovative Research Thoughts, 6(5), 38–39. Retrieved from https://irt.shodhsagar.com/index.php/j/article/view/1007
Stern, Nicholas. (2007). The Economics of Climate Change: The Stern Review. Cambridge University Press.
United Nations Environment Programme (UNEP). (2016). The Emissions Gap Report: A UNEP Synthesis Report.
World Bank. (2020). The Cost of Climate Change: A Comprehensive Assessment. World Bank Group.
World Economic Forum. (2019). The Global Risks Report 2019. 14th Edition.