Question

Outline the key elements of the challenge of climate change policy from an economic perspective, highlighting (i) the stock/flow nature of the problem, (ii) the dynamic nature of the problem, (iii) the international coordination challenge, and (iv) the uncertainty challenge.

Answer 1

Answer: Climate change is the global problem which affecting all the countries whether they are dveloped or developing one.There are many steps being taken in order to combat and adapt the living in order to minimise the impact created by changing climate.

Yet there exists many challenges in adopting and successfully implementing such policies in economic, social, political dimensions.

Here are given the key elements of the challenge of climate change policy from an economic perspective, highlighting:

1: The stock/flow nature of the problem: As the process of global warming leads to climate change.Excessive emissions of Carbon ri oxide and other green gases leads to increase in global average temperature.Such flows of GHG leads to stock of GHG that ultimately creates challenges while effective implementation of climate change policies.

Here comes in to play the debate between Economic development verses environment and often economics wins over the issue of environment.

2.The dynamic nature of the problem: Implementation of policies by developing and least developed countries needs technology , finances to move from fossil fuel based economy to renewable resources and many more.They also have responsibility of tackling poverty, improving education, health, infrastructure many more and in between all these challenges,issues of environmental concerns like climate change takes back seat.As with limited economic resources and greater no challenges such countries often compromise with the environment.

Hence issue of climate change implementation policies face challenges from dynamic problems.

3: The international coordination challenge: Via various efforts by UNFCCC, UNITED NATION AGREEMENTS like Paris climate deal etc.They all only become successful in combating and adopting climate change , if they get support by countries which are party.But due to lack of enforcement capabilities of INTERNATIONAL LAW , countries often leave such agreements. example can be taken of USA left paris climate deal.

Funding of $100 billion per year from developed to developing countries to combat and adopt climate change,is still can not be implemented properly.

Hence lack of international cooperation hampering the climate change policies.

4:Uncertainty challenge: It is there on page as well as improper researches ,lack of proper data and consensus over the issue that climate change is a reality i.e. it is result of anthropogenic action comes under this category.

After formation of policies issue of financial resources and making accountable to a country for practice which is aggravating the climate change is also uncertain.

Hence there is strong political will is needed which often lagging in the parts of coutries which are party to various such agreements.

Hope it helps!

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