Global Warming

The issue of global warming or climate change remains a polarizing subject and a continuing source of heated political, social, and economic debate. This article on Yale Global focuses on the effects of global warming and the potential impact of global warming. Global warming is an emerging, dynamic area with enormous implications to the insurance industry.
One of the reasons that drawing conclusions on temperature trends is tricky is that the historical temperature series is highly volatile. William talks about how economists refutes climate-change. Economists claims about how the planet is not warming. The planet is warming on a constant scale. The temperature has been rising because of the greenhouse effect in which carbon dioxide plays a huge role. Carbon dioxide released from factories depletes ozone and hence results in climate change. Their second argument is warming is less than as it seems “the lack of warming for more than a decade – indeed, the smaller-than-predicted warming over the 22 years since the UN’s Intergovernmental Panel on Climate Change (IPCC) began issuing projections – suggests that computer models have greatly exaggerated how much warming additional CO2 can cause”(Nordhaus 6).
The question here is whether emissions of CO2 and other greenhouse gases will cause net damages, now and in the future. This question has been studied extensively. “The most recent thorough survey by the leading scholar in this field, Richard Tol, finds a wide range of damages, particularly if warming is greater than 2 degrees Centigrade”(Nordhaus 11). Major areas of concern are sea-level rise, more intense hurricanes, losses of species and ecosystems, acidification of the oceans, as well as threats to the natural and cultural heritage of the planet.
Global warming is a serious issue in which the economists are not interested. We need to take care of this subject by reducing the emission of carbon dioxide. We need to approach this issue more carefully. Economic studies have shown that the most efficient policy is by raising the cost of carbon dioxide emissions, either through cap-and-trade or carbon taxes, to provide appropriate spurs for businesses and households to move to low-carbon activities.


Work Cited:

Nordhaus, William D. “Global warming is real and has consequences.” Yale Global. Yale, 4 April 2012. Web. 24 October 24, 2014.