Economic impact of climate change

Economic impact of climate change

Description/Paper Instructions

Economic impact of climate change

Climate change is one of the biggest challenges facing humanity today. It is caused by the emission of greenhouse gases, mainly carbon dioxide, into the atmosphere, primarily as a result of burning fossil fuels such as coal, oil and gas. Climate change has a wide range of economic impacts, from rising sea levels to more frequent and severe weather events, which can have significant consequences for businesses, governments, and individuals. In this article, we will explore some of the economic impacts of climate change.

1. Increased costs due to extreme weather events

Climate change is causing more frequent and severe extreme weather events, such as hurricanes, floods, and droughts. These events can have significant economic impacts, including property damage, loss of life, and increased insurance costs. For example, Hurricane Katrina, which hit the Gulf Coast of the United States in 2005, caused $125 billion in damages, making it the costliest natural disaster in U.S. history. As extreme weather events become more common, businesses and governments will have to spend more money on adaptation measures to protect their assets and populations.

2. Decreased agricultural productivity

Climate change is affecting agricultural productivity by altering growing conditions and increasing the prevalence of pests and diseases. In addition, more frequent droughts and floods can lead to crop failures and food shortages, which can increase food prices and have significant impacts on food security, especially in developing countries. For example, a study by the World Bank estimated that by 2030, climate change could cause food prices to increase by up to 70 percent in some regions of the world, putting additional pressure on vulnerable populations.

3. Damage to infrastructure

Climate change can cause damage to infrastructure, such as roads, bridges, and buildings, through sea-level rise, floods, and extreme weather events. In addition to the direct cost of repairing or replacing damaged infrastructure, the economic impact can be felt through disrupted supply chains, decreased productivity, and increased transportation costs. For example, in 2013, floods in Thailand caused the shutdown of more than 1,000 factories, leading to a global shortage of hard disk drives and a loss of $45 billion in revenue.

4. Increased healthcare costs

Climate change is affecting human health through increased exposure to heat waves, air pollution, and infectious diseases. For example, a study by the Lancet Commission estimated that climate change could cause an additional 250,000 deaths per year between 2030 and 2050, mainly due to malnutrition, malaria, diarrhea, and heat stress. These health impacts can increase healthcare costs and reduce productivity, particularly in countries with weaker healthcare systems.

5. Economic opportunities

Despite the negative impacts of climate change, there are also economic opportunities associated with the transition to a low-carbon economy. For example, renewable energy sources such as solar and wind power are becoming increasingly competitive with fossil fuels, and the development of new technologies and products to reduce greenhouse gas emissions is creating new markets and job opportunities. According to a report by the Global Commission on the Economy and Climate, the transition to a low-carbon economy could generate $26 trillion in economic benefits between now and 2030.

In conclusion, climate change is having significant economic impacts, from increasing costs due to extreme weather events and decreasing agricultural productivity to damaging infrastructure and increasing healthcare costs. However, the transition to a low-carbon economy also presents economic opportunities, which can help to mitigate the negative impacts of climate change while creating new markets and job opportunities. It is essential that governments, businesses, and individuals take action to reduce greenhouse gas emissions and adapt to the changing climate to minimize the economic impacts of climate change.

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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