ECONOMICS OF CLIMATE CHANGE: COST OF INACTION VS. MITIGATION
DOI:
https://doi.org/10.29121/shodhkosh.v5.i6.2024.4354Keywords:
Cost of Inaction, Cost of Mitigation, Global Warming, Infrastructure Damage, Sustainable PracticesAbstract [English]
Climate change poses significant economic challenges, threatening global ecosystems, human health, and economic stability. This paper examines the economic costs of inaction on climate change, such as rising disaster recovery expenditures, loss of productivity, and health costs, versus the investments required for mitigation strategies like renewable energy, carbon capture, and climate adaptation measures. Using global and regional data, this study evaluates the long-term benefits of mitigation against the growing financial burden of inaction. Findings suggest that while mitigation requires substantial upfront investment, the long-term savings and avoided damages far outweigh the costs.
References
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International Renewable Energy Agency (IRENA). (2023). Renewable Energy Benefits Report.
Stern, N. (2006). The Economics of Climate Change: The Stern Review. DOI: https://doi.org/10.1017/CBO9780511817434
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Copyright (c) 2024 Mrs.D.Janaki, Dr.J.Moses Gnanakkan, Dr.T.Jackuline Brindha
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