The economics of global climate change

Climate change is an issue that embodies issues of externalities, common property resources, public goods, renewable and nonrenewable resources, and the discounting of costs and benefits over time. It has economic, scientific, political, and technological dimensions. Economic analysis alone cannot adequately respond to a problem of this scope, but economic theory and policy have much to offer in the search for solutions. An effective response to the climate change problem requires much more sweeping action on a global scale than anything so far achieved. Economic policy instruments that have the power to alter patterns of energy use, industrial development, and income distribution are essential to any plan for mitigating or adapting to climate change. Evidence of climate change impacts is already clear, and the issue will become more pressing as greenhouse gas accumulation continues and costs of damages and of climate adaptation rise.

source :

https://www.bu.edu/eci/files/2019/06/The_Economics_of_Global_Climate_Change.pdf