Climate Change Effects of Climate Change

Economic effects of global climate change

In this paper, we will discuss the economic effects of global climate change on rich as well as poor countries. Our emphasis will be on the point that the rich countries might have a difficult time but they can manage with the situation whereas the poorer countries will be impacted the hardest. Firstly let's review some of the facts regarding the global climate change phenomena and then we'll focus on our main topic.

Facts, figures and economic impact

Here are some of the facts and figures related to the worldwide climate change, the overall average temperatures have increased by 0.8 degree Celsius (1.4 degrees Fahrenheit) throughout the globe since 1880, here much of the change has occurred in recent decades and according to many reports the last two decades of 20th century were the warmest in the previous 400 years. The Arctic region is probably feeling the most impact of temperature rises. Here regions such as Alaska, eastern Russia and western parts of Canada have seen their temperatures increased by more than double the world average.

Deforestation, increased industrialization as well as increment in pollution levels have raised the water vapor concentrations in the atmosphere, also increasing are the levels of carbon dioxide, nitrous oxide as well as all of the other greenhouse gasses which tend to trap heat at globe's surface. Humans are releasing carbon dioxide much faster due to more economic activities and economic expansion of nations, this is more than the speed at which oceans and plants can absorb them. "If the following trend goes on then many catastrophic events can occur simultaneously which can threaten wildlife and economic progression of nations all across the planet." (Hanley, 2004).

The sea levels can rise somewhere between seven and twenty three inches by the end of century. According...

According to the data available today, some 100 million people are living within three feet of the mean sea level, any migration from these people due to climate change can severely put challenges to their nation's economic infrastructure. Many parts of the globe's densely populated areas are concentrated in vulnerable coastline cities, In United States the states of Florida and Louisiana are at extreme risk from rising sea levels.
If the glaciers across the planet continue to melt with the current rate then it will cause the sea levels to rise, it will also cause water shortages in many different regions which are already running out of fresh water. Many of the hurricanes, wildfires, droughts and other disasters are becoming more and more common in different parts of the globe. The alarmingly high growth rate of deserts is also causing acute food shortage problems, this can result in people consuming less commodities which in-turn can dampen the economic growth of consumer-based economies. Global climate change is also threatening about a million species which are near extinction since its effects are rapidly changing the ecosystems as well as acidifying the oceans of the earth.

It has also been argued that at some point in future the global climate change may become completely out of control, this can happen through the effect known as positive feedback. "The rising temperatures can release further greenhouse gasses by releasing methane at undersea deposits." (Hardy, 2003).

Now, let's focus on how both the rich and poor countries will be affected by the changes mentioned above.

Effect on nations

Let's first look at how the rich nations will cope with this crisis, in Southern Europe the change in climate will raise drought…