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The economic impact of global warming
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Global warming
How does it affect the economy?
What is global warming?
What is it?
Climate change is the Earth’s response to increased carbon dioxide in the atmosphere. These greenhouse gases trap infrared heat from the sun. That has raised the earth’s average temperature 1.2 degrees Celsius since the late 19th century.
Scientists agree that humans are causing this bout of climate change. A recent study found that the planet's wealthiest one billion people emit 60 percent of greenhouse gases. The poorest three billion produce only 5 percent
How does it affect the economy?
The economy is obviously related to the environment, and thus, if the environment changes it also has an impact in the economic field.
Economic effects
Directly
In May 2018, Stanford University scientists calculated how much global warming would cost the global economy. If the world's nations adhered to the Paris Climate Agreement, and temperatures only rose 2.5 percent, then global gross domestic product would fall 15 percent. If temperatures rose to 3 degrees Celsius, global GDP would fall 25 percent. If nothing is done, temperatures will rise by 4 degrees Celsius by 2100. Global GDP would decline by more than 30 percent from 2010 levels. That's worse than the Great Depression, where global trade fell 25 percent. The only difference is that it would be permanent.
The World Employment and Social Outlook 2018 estimated that climate change threatens 1.2 billion jobs. The industries most at risk are agriculture, fisheries, and forestry. Maine is already seeing a decline in its lobster catches. Natural disasters have already cost 23 million working life years since 2000. On the other hand, efforts to stop climate change would create 24 million new jobs by 2030.
The World Employment and Social Outlook 2018 estimated that climate change threatens 1.2 billion jobs. The industries most at risk are agriculture, fisheries, and forestry. Maine is already seeing a decline in its lobster catches. Natural disasters have already cost 23 million working life years since 2000. On the other hand, efforts to stop climate change would create 24 million new jobs by 2030.
Indirectly
Climate change is causing mass migration around the world. Immigrants are leaving flooded coastlines, drought-stricken farmlands, and areas of extreme natural disasters. Since 2008, extreme weather has displaced 22.5 million people according to the United Nations High Commissioner for Refugees. By 2050, climate change will force 700 million people to emigrate.
In 2017, the U.S. Department of Defense reported that climate change is a “direct threat” to U.S. national security. Extreme weather and rising sea levels caused by global warming endanger 128 military bases. A 2018 Pentagon survey revealed that U.S. Naval Academy in Annapolis, Md. has experienced storm surge flooding and hurricane damage. The Cape Lisburne Long Range Radar Station in Alaska has lost a sea wall from extreme weather. In response, Congress asked DoD to identify the 10 most vulnerable sites and recommend solution strategies.
On November 3, 2017, the Trump administration released a report that blamed climate change on human activity. It predicted that the ocean could rise another eight feet by 2100. Most scientific and government organizations agree that a manmade increase in greenhouse gases cause global warming.
Causes
Real numbers
Current levels are at 370 parts per million volume, up from 280 ppmv 100 years ago. Emissions have increased 4 percent since 1990. But 2015 levels dropped slightly from the prior year. Power plants began switching from coal to natural gas and a warmer winter reduced demand for heating oil.
Modern processes that burn fossil fuels release the gases. They include deforestation, factory farming, and industrial procedures like aluminum smelting. The biggest cause is the burning of oil in all its forms. According to the Environmental Protection Agency, the U.S. sources in 2015 were:
Source Fuel Percent
Electricity Generation Coal, Natural Gas 29%
Transportation Oil, Gasoline 27%
Industry Oil, Chemicals 21%
Commercial and Residential Heating Oil 12%
Agriculture Livestock 9%
Forestry Absorbs CO2 offset 11 %
How can we save ourselves?
There are many options when it comes to reducing or supressing global warming, so let's go ahead and take a look at a few of them.
Prevention?
The United Nations said that to reverse the impact, the world's average temperature must be limited to 2 degrees Celsius above preindustrial levels. As of February 2016, the average temperature has already surpassed 1.5 degrees above preindustrial levels. The global community is trying to reduce greenhouse gas emissions. They are introducing measures to increase the use of clean energy, including electric vehicles.
1992. The United Nations Framework Convention on Climate Change was formed.
December 11, 1997. The United Nations adopted the Kyoto Protocol. The European Community and 37 industrialized countries promised to reduce greenhouse gas emissions between 2008 and 2012. The first commitment was to 5 percent below 1990 levels. The second commitment period was from 2013 to 2020. They agreed to reduce emissions by 18 percent below 1990 levels.The United States never ratified it.
Greenpeace suggests that we stop eating meat, dairy, and eggs. It's one of the best global warming solutions because production of these food items creates 50 percent of global greenhouse gas emissions. It also causes deforestation, as farmers clear-cut to grow the crops to feed animals. It pollutes rivers, leading to dead zones in the oceans.
We can also become carbon neutral. The United Nations program Climate Neutral Now allows you to offset all the carbon you've emitted by purchasing credits. It helps you calculate your specific carbon emission, or you can just use an average. These credits fund green initiatives throughout the world. You can select the specific project that interests you.