The Economic Impact of Climate Change; A summary of my case study report

By: Yaj Senap

It is said that the Climate Change is the most fundamental challenges that every nation is facing nowadays and is in fact considered as the 21^st Century’s triggering issue as this greatly affect and impact every walks of life beginning from the highest government post down to the life of an ordinary citizen of each country.

The final case study report given by Prof. Battung answers most of the questions that everyone has for climate change. It defines and enumerates the real impact of the so called Climate Change. Government steps to address the issue was also discussed in here to bring full awareness to mankind. We often hear this topic on TV, radio and everywhere else, especially in times of typhoons, floods and all other uncontrollable natural circumstances, where we often attribute to Climate Change, otherwise known as Global Warming. Although we often heard these terms in the news, but are we one hundred percent knowledgeable about it, especially on its adverse effect? Or better yet, we are so complacent and is purely relying everything to the government for full resolution of the problem? This study aims to further educate us all, especially us - Filipino citizens, so we can do our part in saving the Mother earth, Our future and the future of the next generation. Everyone’s cooperation is highly being encouraged as it is stated in the news that we are (The Philippines) number six on top of the list of countries at risk on its worse effect.

The study was started long time ago and the Philippines has adopted the United Nations Framework Convention on Climate Change (UNFCCC) in 1992 to help resolve the problem. The study involves 194 countries who are all actively participating in the program. And the study is centered in two central approaches. The first task is to address the root cause by reducing greenhouse gas emissions from human activity. The means to achieve this are very contentious, as it will require radical changes in the way many societies are organized, especially in respect to fossil fuel use, industry operations, land use, and development. Within the climate change arena, the reduction of greenhouse gas emissions is called mitigation.

The second task in responding to climate change is to manage its impacts. Future impacts on the environment and society are now inevitable, owing to the amount of greenhouse gases already in the atmosphere from past decades of industrial and other human activities, and to the added amounts from continued emissions over the next few decades until such time as mitigation policies and actions become effective.

The study is very important as the problem (just like what I have mentioned above) affects every walks of life. Climate change affects both market and non-market level which include and may not be limited to Agriculture, Fisheries, Water resources, Forestry, Coastal resources and Health. Scientists and economists are beginning to grapple with the serious economic and environmental consequences if we fail to reduce global carbon emissions quickly and deeply. The most expensive thing we can do is nothing, that’s why it is very important that every one of us should act now and do our part.

Economic status of the country is impacted as number one, if there would be damage to property and infrastructure brought by natural catastrophe which is again being attributed to Climate Change, the government will have to allocate budget for the repair and rehabilitation, a budget that should and can be used for other government projects if there would have no incidents like this. Loss of productivity is considered as the second serious economic effect of Climate Change, as if there would be disruptions in daily life related to climate change can mean lost work and school days and harm trade, transportation, agriculture, fisheries, energy production, and tourism. Severe rainfall events and snowstorms can delay planting and harvesting, cause power outages, snarl traffic, delay in air travel and etcetera. Third, Mass migration and security threats is also considered as another impact of Climate Change. One of the related article mentioned about this and I can still recall that the author further explained about the Mass Migration problem, he stated in the article that, Global warming is likely to increase the number of "climate refugees"—people who are forced to leave their homes because of drought, flooding, or other climate-related disasters. They say that, Mass movements of people and social disruption may lead to civil unrest, and might even spur military intervention and other unintended consequences. 

Thus, every nation as often heard and seen on news are finding ways to prepare for and cope with some climate impacts—provided that we do not let our carbon emissions continue unabated. However, even a partial accounting of these measures suggests that coping is likely to be more costly steps to reduce carbon emissions thereby reducing associated climate impacts. 

In the Philippines alone, P13 billion was allocated and budgeted for its 2014 Climate change adaptation program, P1 billion higher compared to its allocation in 2011. Allocated Funds will proceed to research expenditures to study and know how the increase in temperature could affect food production and the natural environment.  This will also support the implementation of the National Climate Change Action Plan drafted by 200 stakeholders. Additionally, the government will use the funds for full implementation of Science and land use planning to help arrive with a concise game plan in resolving the Climate change issue. This accordingly is putting President Aquino as the first ever “Greener President” of the country for his serious programs and reforms towards The Climate change or Global warming issue.

While the government is yet to introduce a concise and accurate resolution of the problem we can for the meantime follow the suggested steps on how one can effectively contribute to the government’s campaign – that is to: Number One, Stop or reduce the use of fossil fuels. Two, Refrain from burning any trash, plastics, paper, fabrics and the likes as this is very harmful to the environment. Scientist says that burning any substance leads to emission of carbon compounds, nitrogen, sulfur and etcetera. These gases are called as greenhouse gases, which is the primary cause of global warming. Burning plastic, fabric is very harmful, since plastic is made up of polyesters, it emits a very toxic compounds which will affect respiratory system of everyone. Three, Protect native forests as "carbon storehouses". Four, Help plant native trees in urban and deforested areas. These and all other things you know can help us eradicate if not totally resolve the problem on Climate change.

They say that, Our future and the future of the next generation of mankind greatly depends on us, so if we do not want to live in the messy and dangerous world, everyone must act now. I guess, the keywords here are Respect and Cooperation. – Respect the Mother earth as this is where everyone’s life relies. We must all act rightfully and cautiously so we can all live happily without fear and hesitation for what we’ll have and face in the coming days - fearless of our future.  Our full and active cooperation and contribution is a must for the realization of our mission – preserving the world for the greener future.