Climate Change Actions for Sustainable Development. International Journal of Innovation and Sustainable Development

Climate Change Actions for Sustainable Development. International Journal of Innovation and Sustainable Development 9(2): 118-136 (SCOPUS, EconLit, ISI Listed). (2015)

This paper presents the dimensions of the climate change problem and its economic effects. Climate change is a global externality resulting to market failure as pollution sources, in most of the cases, do not take into consideration the full cost (including the associated social costs) imposed by their actions to others. The damage cost estimates and various other issues related to climate change and concerning the significance of uncertainty and risk aversion are discussed. Specifically, three aspects of the climate change problem are approached: mitigation, adaptation and policy approaches to control GHG emissions. In these lines the methods of constructing abatement cost curves together with adaptation policies are discussed and the basic policy instruments for reducing greenhouse gases are also presented paying attention to emissions trading schemes. Additionally, planning of efficient policies demands careful consideration of each sector. For this purpose, a number of abatement techniques to be applied potentially in each sector are proposed and discussed. At the same time, various aspects in the application of adequate policies to tackle the problem, like institutional frameworks, are mentioned as they are significant in tackling the problem.