Professor Adrienne Beck
Basic Writing II
28 November 2017
The Effect of Climate Change on Economy
Earth is 4.5 billion years old and it had gone through a lot of traumatic events. One of the most controversial topics of today is climate change. There has been an ongoing debate whether the climate change is real or not. Some suggest that it is a hoax meanwhile others say that it is real. Both sides of the conflict have their own knowledge to back up their opinions. There is a lot of research and data which demonstrate that climate change is real, whereas there is no proper evidence or theories to defend the idea of climate change being fake. Big businesses as well as other small private run businesses lose profit when the government tries to put a limitation on their usage of the carbon. The theory is believable, but it does hurt the economy.
How does the climate change affect the economy? It is essential to answer what is climate change before answering this question. Specified by Bill Nye, it is a fact that Climate change is caused by small variation in earth’s orbit which is characterized by the dramatic increase in the earth’s temperature. It is estimated to increase around 1.2 to 1.4 degree Fahrenheit warmer. According to NOAA, 1.8 degrees Fahrenheit may seem like a small change, but it has caused major devastations. Climate change was increasing at a slow rate, but the last Ten out of thirteen years was the warmest on record of the planet earth. Many scientists agree that variation in the last decade is not caused by orbital variation, but is caused by Human activity starting from the industrial revolution. Climate change is causing the natural disasters which are leading to the economic destruction.
It is costing a lot of money to help to sustain the environment and undo the damages that had been done by the shift of temperature. According to a new report, U.S financial departments had spent over $240 billion over the past ten years on natural disasters which are caused by climate change and burning of fossil fuels. The report excludes the last 3 major hurricanes and the amount of money that was spent on it. It also excludes the 76 wildfires that took place in 9 western states (Leahy). The scientific study by Universal Ecological Fund suggests that in the upcoming years these numbers are destined to go higher. It is possible that natural disasters and the health problem caused by the pollution could cost up to $360 billion per year, which possibly could end up destroying the economic system (Leahy). Environmental changes are costing a lot of money and the expenses are going to elevate if nobody comes with a solution to help the effects of climate change.
It is quite easy to manipulate the citizen when the president himself point towards the directions of climate change being a hoax. During the presidential campaign, candidate Donald Trump brought the attention to himself when he made a statement, “Nobody really knows”,...