Curbing carbon emissions could boost the economy than doing nothing
The article reports that the costs of preventing and adapting to climate change could be mitigated. Infact the report suggests that in future the gains may far outweigh the costs, mainly due to rapid advancements in renewable energy technology as well as mounting evidence of the expensive damage done by extreme weather.
Topics include Market Failure, Marginal Social Cost, Marginal Private Cost, Negative Externalities and Sustainable Development. Explain using diagrams of Negative externalities of Consumption, production and Government’s action through prevention, regulation, penalties and legislation.
Evaluation will cover implications of penalties for environment damage on Consumers, Producer, affected parties, damage to environment, role of Government and extent of Government Intervention, other preventive methods to counter Negative Externalities in short term and long term.