Climate Change and Its Socioeconomic Importance

The document examines climate change as a global challenge characterized by scientific uncertainty and long-term impacts. It frames the issue as a 'market failure' resulting from negative externalities, where the costs of greenhouse gas emissions are not internalized. The authors discuss the economic costs of mitigation versus inaction, the ethical implications of discount rates and inter-generational equity, and the potential for 'carbon leakage' in international trade. It emphasizes the necessity of combining mitigation and adaptation strategies, the critical role of R&D and technology transfer to developing nations, and the importance of international agreements like the Kyoto Protocol and the 2009 Copenhagen Summit (CoP 15).

• Climate change is characterized by three unique factors: significant uncertainty regarding planetary and regional impacts, long-term consequences extending to 2100 and beyond, and an unequal distribution of responsibility and burden among countries.
• The IPCC reports indicate unequivocal warming across all continents and most seas, with Northern Hemisphere temperatures in the second half of the 20th century being possibly the highest in at least 1,300 years.
• To limit atmospheric GHG concentrations to 550 ppm by 2100 and restrict temperature rise to approximately 2°C, global emissions must peak by 2020 and decline by 50% relative to 2000 levels by 2050, requiring developed countries to reduce emissions by 60-90% by 2050.

APA

Galarraga, I., & Markandya, A. (2009). Climate Change and Its Socioeconomic Importance. Basque Centre for Climate Change. https://www.bc3research.org/h6T8Uy8Nm4gFs0O/20091021102928768864796.pdf

Chicago

Galarraga, Ibon, and Anil Markandya. Climate Change and Its Socioeconomic Importance. Basque Centre for Climate Change, 2009. https://www.bc3research.org/h6T8Uy8Nm4gFs0O/20091021102928768864796.pdf.

Wikipedia

{{cite report |last1=Galarraga |first1=Ibon |last2=Markandya |first2=Anil |title=Climate Change and Its Socioeconomic Importance |publisher=Basque Centre for Climate Change |date=October 2009 |url=https://www.bc3research.org/h6T8Uy8Nm4gFs0O/20091021102928768864796.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{galarraga2009climate, author = {Galarraga, Ibon and Markandya, Anil}, title = {{Climate Change and Its Socioeconomic Importance}}, institution = {Basque Centre for Climate Change}, year = {2009}, month = oct, url = {https://www.bc3research.org/h6T8Uy8Nm4gFs0O/20091021102928768864796.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }