Considerthe potential future of the energy economy on a global scale. Describe thefuture path of the economics of oil, gas and energy as you see it, byaddressing the following points: 1. Is...

Economics of Oil, Gas And Energy 1
Running Head: ECONOMICS OF OIL, GAS AND ENERGY
Economics Of Oil, Gas And Energy
Economics of Oil, Gas And Energy 2
Climate change a real threat to the global economy
In present time, the climate change is the main concern for the global economy. It is

needed to make sure that recovery is sustained and bold action on climate change will be
required. All the countries' leaders prepare for the UN climate change talks at the global level
(Lacy, 2012). On the other hand the top priorities for the world tend towards their economies and
low-carbon future. The economic recoveries are sustained and usually have no option in the
business.
The climate change produced the result such as increase greenhouse gas emissions will
leaded that heavy commotion such as floods and droughts, more violent storms, more increase of
heat waves, impacted on food, water and resources (Lomborg, 2001). In similar words, the
serious climate action only a fraction of percentage point annual growth in world GDP. The
economics of climate change warned to the country that it could lead the huge losses. There are
several summits held for discussing that how the climate change can be reduced and what steps
can be used for preventing with the climate change problem.
There are strong evidences that show that human activities are the causes for global
climate change, but the question of what are the solution to reverse the climate change is
controversial. Politics, economics and sociology are all important factors in taking radical
measures against the climate change. What actions we take today forward against global climate
change will make big difference in the future and help to save our planet from the adverse impact
of climate change. The common goal of the globe is to stabilize the Green House Gas
concentrations around 450-550 parts per million. Many believe that this is the point at which
most of the damaging impact of the climate change can be reduced or avoided. ‘Stabilization
wedges’ is the one approach suggested by researchers Stephen Pacala and Robert Socolow at
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Princeton University to reduce the impact of climate change. Stabilization wedges means
reducing emissions of GHG from various sources with the help of advancement in technology.
These researchers suggest seven wedges that could reduce GHG emission and all of these
together can keep the emission at the current level for next fifty years. This can help us to
stabilize GHG concentration around 500 ppm. Possible wedges include improvement in energy
efficiency, increase the contribution of wind and solar power in total energy source, hydrogen
produces from renewable sources, nuclear power, natural gas and biofuels. If we can do ‘carbon
sequestration’, a process to capture the carbon dioxide emitted from fossil fuel and store it
underground, negative...