30 years: Macroeconomist
In this video, Amit explores the impact of the physical damage of climate change on the macroeconomic economy and stresses the importance of intervening with the correct policy response. Without this, the impact of climate change will spread and intensify.
In this video, Amit explores the impact of the physical damage of climate change on the macroeconomic economy and stresses the importance of intervening with the correct policy response. Without this, the impact of climate change will spread and intensify.
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12 mins 26 secs
It is clear that there is a direct link between global warming and climate change. Scientists have overwhelming evidence to warn us about irreversible physical damage if this is ignored. Consequently, it is urgent to respond quickly before it is too late.
Key learning objectives:
Understand the existing evidence we have for climate change
Identify the ways in which we can address climate change
Understand the impact of the physical damage of climate change on the economy
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Climate change refers to a long-term and large-scale shift in weather patterns and to changes in average temperatures. It is important to note that climate change refers to weather changes which are persistent and long lasting.
Often people dismiss climate change effects on the basis that the earth’s climate has been changing throughout its history and that human beings are ingenious and will adapt to whatever comes their way.
If this trend is ignored and we continue to do nothing, the global temperature will rise by around 5°C in a much shorter timeframe than we are prepared for. The impact on the climate of this type of temperature increase is likely to change the physical geography of the earth, making some parts of the world inhospitable, leading to mass migration.
Early science clearly established that the earth’s atmosphere is like a warm blanket - it traps heat, so much so that without the atmospheric blanket, the planet’s temperature would be around 30°C lower.
Researchers established that higher concentrations of greenhouse gases in the atmosphere will lead to higher global temperatures. For example CO2 levels and water vapour helped trap that heat. According to the chart in the video, atmospheric CO2 concentration was between 200-300 parts per million up until 1950, and has now risen to above 400 parts per million. Other gasses such as methane and nitrous oxide are culprits as well.
Human activity is by far the most likely source of excess greenhouse gas emissions.
It is clear that those responsible for the emissions are not necessarily those that will pay, and those that are at the sharp end of the adverse impact of climate change have not caused the damage. Hence, human activity causes a negative externality. Identifying and addressing that externality is a key challenge for policymakers.
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