The Economics of Climate Change: Assessing the Costs and Benefits of Mitigation and Adaptation Strategies
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Abstract
Climate change presents one of the most pressing challenges of our time, with profound implications for the economy, society, and the environment. This paper examines the economics of climate change by assessing the costs and benefits of mitigation and adaptation strategies. Through a comprehensive analysis of economic models, empirical studies, and policy evaluations, the trade-offs and opportunities associated with addressing climate change. Mitigation strategies aim to reduce greenhouse gas emissions to limit global warming and mitigate the impacts of climate change. These strategies include transitioning to renewable energy sources, improving energy efficiency, implementing carbon pricing mechanisms, and investing in low-carbon technologies. By reducing emissions, mitigation measures can help to avoid the most severe impacts of climate change, such as extreme weather events, sea-level rise, and ecosystem disruptions. However, mitigation efforts also entail costs, including upfront investments, technological challenges, and potential economic disruptions in carbon-intensive industries.
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