Repercussion of Climate Change on Economic Development

Climate change as a global environmental problem has been receiving intense political attention at domestic and international levels. Climate change means a change of climate which is attributed directly or indirectly to human activity that alters the composition of global atmosphere and which is in addition to natural climate variability observed over comparable time periods. There is now overwhelming scientific evidence and growing quantitative assessment of risks to establish that human activities are changing the composition of atmosphere and it’s properties. This realization brings to the fore ways and means of addressing the challenge and associated resources, which in turn brings us to economics. Science suggests that impacts of climate change are serious and broad ranging, with economics implying that they interact with other market failures and economic dynamics, giving rise to complex policy issues. To put it briefly, climate change is a global externality associated with the emission of Green House gases (GHGs), which has long, persistent and, beyond a level, irreversible effects. These emissions impose a cost on both the present and future generations, which are not fully recouped from the emitters of these emissions .Hence; there is need for policy intervention as failures