Standard Economic Toolbox and Global Warming

Exam 3 Essay Question
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Exam 3 Essay Question
According to Nordhaus the 2° objective has been concocted and used mostly as a market and policy trade-off point It is primarily motivated by political expediency and economic modeling that ignores the real-world repercussions of a 2° increase in global temperatures. The costs of responding to global warming are considerable, and the costs of preventing it are much greater, according to the economist's perspective. The economic toolbox encompasses the public costs of greenhouse gas emissions, such as crop losses, medical costs from extreme weather events, and property damages from inundating and rising sea levels, and links them to their causes via a price, normally in the context of a cost on the atmospheric co2 emitted. Reduced energy use, cleaner energy, minimal material use, and low Greenhouse gas, are all required for climate change mitigation.
The market is both the source of the greenhouse-gas issue and the greatest chance for resolving it. It is possible to utilize trade agreements to compel exporting nations to make a faster transition to renewables by imposing higher tariffs on items that do not satisfy emissions criteria. However, nations especially in the global South are constantly pressured to use and sell their natural resources to make foreign currency and enhance economic growth (WEEK10). In such instances, developing nations have previously seen such policies as protectionist or relatively unjust, since the cost of energy transition borne by producers differs from that borne by consumers. It would be inequitable to charge the same price for low-carbon output.
There can be no opposition to economic assessments being used in climate change mitigation strategy decision-makin...