The Economics Behind Climate Change Mitigation: Assessing the Potential Impacts on Different Sectors
DOI:
https://doi.org/10.56976/rjsi.v5i2.112Abstract
The article starts off by giving a general summary of the economic justification for mitigating climate change, highlighting the significance of agriculture, industry, infrastructure and energy. The secondary data is used from 1980 to 2022 by engaging Johnson co-integration and ECM. In addition, the paper assesses how climate change mitigation may affect several economic sectors. It explores the benefits and problems that potential mitigation methods may present for the energy, agricultural, transportation, and industrial sectors. The analysis covers prospective changes to employment dynamics, investment patterns, and market competitiveness within these industries. The article also highlights the importance of captivating distributional effects and equity considerations while analyzing the financial implications of climate change alleviation. It emphasizes the need for inclusive and equitable policy measures by drawing attention to potential discrepancies that could exist among regions, income categories, and vulnerable populations. It draws attention to potential inequalities that could exist among geographic areas, socioeconomic classes, and vulnerable populations, highlighting the necessity of inclusive and fair policy frameworks. This article offers a thorough explanation of the economics underlying the prevention of climate change, illuminating the potential effects on many economic sectors. It contributes to the continuing discussion on developing effective and sustainable mitigation methods in response to climate change problems by analyzing the costs and advantages as well as the distributional factors.
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Copyright (c) 2023 Tariq Aziz, Syed Zain Abbasi, Maria Kalsoom
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