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Volume :25 Issue : 4 1997      Add To Cart                                                                    Download

Global environmentalism and climate change: Economic Implications

Auther : Majed A. Al –Moneef

 Global environmental issues have been gaining audience and momentum in recent years. The UNCED conference on Environment and development, in Rio do Janeiro in June 1992, produced a number of important documents including the framework convention on climate change FCCC. Despite remaining scientific uncertainties , the FCCC accepts a available scientific evidence on climate change and has set an agenda for the world community to deal with phenomena . while in dustrialized Annex 1 countries bear primary responsibility for stabilizing  greenhouse gas emissions GHG at 1990 levels, the adequacy of these commitments has been questioned , and the intergovernmental panel on climate change has identified issues and uncertainties that  effect any comprehensive solution to the problem. Any policy to stabilize or reduce CO2 emissions, whether by taxation or regulation, will affect the oil market, which accounts for 43% of CO2 and 61% of GHG emissions. The ultimate effect on oil consumption and oil markets will depend on the types of policies taken, their comprehensiveness, and the countries and types of fuel covered.       

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