ZENITH International Journal of Multidisciplinary Research
Year : 2019, Volume : 9, Issue : 6
First page : ( 82) Last page : ( 93)
Online ISSN : 2231-5780.

The economics of climate change

Kottaram Richin S

National Law School of India Universiy, Bangalore, Karnataka. Email id- richinkottaram@yahoo.com

Online published on 10 September, 2019.

Abstract

Climate Change is the biggest market failure the world has ever seen. It is attributed directly or indirectly to human activities that alter the composition of global atmosphere and which are in addition to natural climate variability observed over comparable time periods. Many policy problems have long histories of inefficient regulation and management. Climate Change is a real exception, because little action has been undertaken to date to solve the issue. It requires an efficient economic policy to be employed from the beginning. Ongoing negotiation under United Nations Framework Convention on Climate Change has so far produced many conventions and programmes which are deeply flawed in terms of economic inefficiency and political impracticality. As Climate Change involves vast uncertainties and has potentially enormous distributional effects, many of the market based environment policy instruments are not a viable approach. The present study examines the economic characteristics of climate change and uses economics to suggest policies, which are more viable in nature.

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Keywords

Market Failure, Economic Inefficiency, Political Impracticality, United Nations Framework Convention on Climate Change.

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