Title: Climate change actions for sustainable development

Authors: George E. Halkos

Addresses: Laboratory of Operations Research, Department of Economics, University of Thessaly, Korai 43, Volos 38333, Greece

Abstract: This paper presents the dimensions of 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 associated social costs) imposed by their actions to others. Damage cost estimates and various other issues related to climate change and concerning the significance of uncertainty and risk aversion are discussed. The methods of constructing abatement cost curves together with adaptation policies are discussed and the basic policy instruments for reducing greenhouse gases (GHG) 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 together with various aspects in the application of adequate policies to tackle the problem, like institutional frameworks.

Keywords: climate change; damage costs; abatement costs; sustainable development policies; sustainability; economic effects; uncertainty; risk aversion; greenhouse gases; GHG emissions; emissions trading schemes.

DOI: 10.1504/IJISD.2015.068785

International Journal of Innovation and Sustainable Development, 2015 Vol.9 No.2, pp.118 - 136

Received: 20 Aug 2014
Accepted: 25 Nov 2014
Published online: 12 Apr 2015 *

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