Putting A Price On Global Warming
...into understanding the risks of human induced climate change. The Intergovernmental Panel on Climate Change (IPCC) was established to analyze issues including the theory of global warming. By 1992, the UN provided a policy which addressed the rising concern about the changing climate. The policy formed through the United Nations Framework Convention on Climate Change (UNFCCC) had a goal of stabilizing greenhouse gas emissions. In 1997, after several years of research, the Kyoto Protocol was drafted to attempt to limit emissions and improve the state of the environment. (www.ghgonline.org)
The Kyoto Protocol is the United Nations’ attempt at reducing the amount of greenhouse gasses in the atmosphere. It is an amendment to the UNFCCC which sets standards for each country dictating the amount of emissions each will be permitted to produce. The protocol specifically targets carbon dioxide and five other greenhouse gasses. As a result, some countries have been required to dramatically decrease emissions, while others have been allowed to increase their emissions for economic and industrial growth. The protocol also allows for emissions trading for countries unable to cut emissions. Despite concerns for the global climate and political pressure, the United States has not ratified the Kyoto Protocol mainly for economic reasons. (www.ghgonline.org)
Decreasing emissions by 7% from what the US emitted in 1990 would be an amazing feat. It is estimated that the economy would lose $400 billion (environment.about.com). Companies would lose money due to the new restrictions that would be mandated, causing them to possibly downsize or even shut-down. There would also be an estimated loss of 4.9 million jobs in the US alone (environment.about.com). To save money, companies might use more outsourcing, further hurting the economy and sending it...
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