The Economic Cost Of Global Warming

Superior Essays
According to a report by the U.N office for Disaster Risk Reduction(UNISDR), in the past two decades disasters related to weather have killed more than 600,000 and 4.1 billion people have injured left homeless or in need of emergency assistance (Cumming-B ). The economic cost of global warming is estimated at 1.2 trillion a year, which is about 1.6% of the global GDP ( Harvey). By 2030 this cost will rise, according to Harvey, 3.2 % but for developing countries the losses will be up to 11 % of their GDP (Harvey). As such global warming if not controlled, not only will cripple income around the world, but it will also widen the gap between rich and poor nations. According to Tigay, experts are saying that since the planet is on overall warming trajectory, extreme weather, with its immense human and financial toll, is likely to continue”( p. 733). Since measures to reduce greenhouse gas emissions is not taken, the concentration of carbon dioxide in the atmosphere will remain higher and there will be an increase in the annual global temperature and natural catastrophes. In the Obama administration a shift in policy, departing from the previous Bush administration, is seen toward global warming (Mason). …show more content…
In August the Environmental Protection Agency released the Obama administration’s “Clean Power Plan” designed to control carbon dioxide emission from coal-fired power plants (Sower). Under the plan, Sower reported that, each state must devise by Sept. 6, 2016, a customized program for cutting CO2 and it suggests that States can achieve this goal by phasing out older, high-polluting coal-fired power plants, adding renewable energy power sources or trading emission credits in carbon markets (Snower). There is also a shift in view among the general public. Americans increasingly agree that global warming is real and human actions are contributing to it ( Weeks.p.521). According to a report by the Washington post , President Obama has warned that Global warming is a national security threat to the United States of America (Nakamura). And called for action to slow down climate change, however many conservative legislators oppose measures designed to address the problem (Weeks, p.524). The politics of climate change is so highly polarized that some republican politicians even question the overwhelming scientific consensus that human action caused global warming. The very anticipated UN climate summit that many hoped would save the world is now taking place in Paris, France. Unlike the previous climate summit, the agreement between the U.S and China the world 's biggest polluters to reduce CO2 emission as well the promise by many countries to do the same, raised hopes that the Paris summit will be a staging ground for the world’s next steps in reducing fossil fuel use (Sower). At the summit many world leaders, including president Obama remarked upon the urgency of taking action to tackle the adverse effect of climate change (Davenport and Harris). Addressing the climate change summit, President Obama said that “the paris summit is a turning point” in a global effort to limit future temperature rise and urged negotiators to deliver a meaningful deal (Davenport and Harris). To save our planet leaders at the Paris summit must sign a legally binding agreement that limits CO2 emissions in such a way that the rise in average global temperature will be under 2°F. Otherwise the effect will be irreversible. According to a report by CNN, the goal of the Paris summit is to sign a pledge to keep the average rise in global temperature below 2°F (Brumfield). Nevertheless whatever comes out of Paris climate summit, it is too late for countries like Kiribati, an Island in the Pacific ocean that affected most by rising sea level. According to Anote Tong, President of Kiribati, any possible deal is already too late for his country and he said that they are planning “migration with dignity”(McGrath). Sadly enough while the world is still arguing the existence of global warming, Island nations like Kiribati are feeling the wrath of global warming. Now there is little doubt that global warming is the consequence of human activities. Each countries whether small or big, developing or developed contribute to global warming by emitting greenhouse gases. As such there should be a global solution to reduce emissions. But owing to sovereignty it

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