Climate Change and Carbon Taxation

This year, the Nobel prize was awarded to William Nordhaus and Paul Romer for earlier warning of climate change. Nordhaus has warned about global warming and Romer developed more economic models to predict the economical consequences of climate change and carbon emission.

 

 

Carbon taxation are practically difficult to follow and adopt in even developedc ountries but consequences of carbondi oxide emission is going to pay all the countries in the world. Recent survey that was released states that the worst climate change has affected countries like the USA, Saudi Arabia and India. Earlier warnings were given to South Asian countries. The worst impacts on climate change will decrease the GDP by 2% in 2050 and in the end by 9% in 2100 if it continues the same economic model .

 

 

Some news analysis by intergovernmental panel on climate change says that the predicted climate change will get worse if no actions are taken. It is said that the year 2040 will reach about 1.5 degree Celsius. In Tamilnadu we have already started to pay our carbon taxes in the name of Vardha cyclone destruction accounting for 2% of Tamilnadu GSDP. Last year Ockhi destruction accounts for 1% of Tamilnadu GSDP. Now without ending this year, Gaja has damaged about 1.5% of Tamilnadu GSDP . These destructions would slow down the growth and the destruction in agricultural lands leads to food chain supply related problem and healthcare issues. Newer solutions are needed in terms of finance, distribution and policies to run agricultural production and establishing the supply chain to meet the demands of the mass otherwise inflation will take over the growth of economical activities.

 

We need to give up fossil fuel as soon as possible to get little climate consequence in the future.

 

Written by : Thangaraj , final year, Automobile Engineering

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