Abstract:
Climate change is increasingly seen as not only an environmental issue, but a deeply economic one. ‘Climate change presents a unique challenge for economics: it is the greatest and widest ranging market failure ever seen’ (Stern Review 2006). Markets are failing to put a price on the emissions of greenhouse gases, passing the costs on to society as a whole.
Reference:
Winkler, H; Marquard, A; Tyler, E; Visser, M & Brick, K (2009) Economics of climate change: context and concepts related to mitigation. Cape Town, Energy Research Centre.