Global warming is a process that results from the heating of the earths’ surface due to the rise in earth’s temperature. The rise in temperature is caused by the greenhouse gases which have the properties of absorbing the heat from the sun. This paper will discuss the looming environmental crisis that have led to distorted market prices since there is no charge being imposed on carbon emissions (Stiglitz et al 2010). In recent times, statistics about global warming have been designed and policies accessed aiming at attaining economic markets that are functioning.
As far as the national standard of income is concerned the economic measures argued to be fruitful to the performance of the environmental costs clearly differ to the standard measures. For this case the government has come up with an act known as the Clean Air Act that is aimed at advising many companies of the importance of changing products in the market so that it can decrease the effects of global warming.
Apart from distorting the environment effects, global warming has also affected the economic performance; Douglas (2003) said that,’ Costs of environmental degradation and depletion of natural resources are not directly borne by producers or consumers’, these facts have been numerated by the results of direct and indirect rise in temperatures and the change of climate, thus retarding growth of agricultural yields. On the other hand the state of global warming has led to changes in the rate and amount leading to extreme weather, species extinctions.
Agricultural production is the most affected because the variation in temperature has negative impacts on crop yield. Therefore, drought becomes a common phenomenon in the areas that are worse heat by global warming. Furthermore recent reports state that; activities such as burning of (fossil fuel) being a major cause of global warming have increased the amount of green house gases, this is due to fumes polluted from industries producing dangerous gases leading to increase in radioactive forcing. Burning of these fossils has led to production of more than three-quarters of carbon dioxide and the rest of human activity has been due to deforestation.
Several measures have been discussed upon so that the effects of global warming can be eradicated for example; The Intergovernmental Panel on Climate Change (IPPC) suggested that the problem of climate change can be reversed by cutting down the emission of greenhouse gases. Measures to reverse this trend are called mitigation measures (Trenberth et al 2007). Nations have agreed to adopt a manufacturing process that will cut down the emissions of greenhouse gases and adopt the use of renewable sources of energy such as the sun and the wind.
A more significant effort to stop the trend of global warming was the emphasis made on carbon sinks. This was a medium to absorb the greenhouse gases from the atmosphere. Carbon sinks can be formed by encouraging the planting of trees which require carbon for the process of photosynthesis. Trees and other green plants would help to trap the rising levels of carbon dioxide in the atmosphere. In addition organizations can design forum that aim at training people on the effects of global warming and how they can help in eradicating it from becoming a disaster to the future generations.
Douglas, J. (2003). A discussion of plausible solar irradiance variations: Journal of Geophysical Research 98 (A11): 18,895–18,906.
Stiglitz, J., Sen, A., & Fitoussi, J.-P. (2010) Mismeasuring Our Lives: Why GDPDoesn’t Add Up. New York: London: The New Press.
Trenberth, K. et al. (2007). Observations, Surface and Atmospheric Climate Change: New York: Cambridge University Press.