Impact of Global Warming on Australian Economy
1. Introduction
One of the biggest environmental issues being faced in the world today is that of global warming. It has been defined by the United Nations Framework Convention as “a change of climate which is attributed directly or indirectly to human activity and alters the composition of global atmosphere…causing natural climate variability” (Mandel, 2015). Global warming has increased considerably over the past few decades because of increasing emissions of greenhouse gases and depletion of resource available in the nature. One of the most direct effects of global warming is the increase in temperature, which then affects not only the atmosphere and environment, but also on people, their infrastructure and largely the economy (Martens, 2014). It has in fact been estimated by Citigroup that minimizing the temperature increase in the future can help in minimizing the global loss by up to $50 trillion (Worland, 2015). Hence, the report presents an analysis and discussions on the way global warming is and can impact the Australian economy. The first part of the report presents a discussion on the growth of global warming in Australia, which would be then followed by an analysis of the environmental and economic impacts of the issue in the country. Use of theoretical framework would help in analyzing the issue to identify the measures being taken currently followed by a discussion on the future prospects.
(I.C. JPS 1562)