Stern (2006) suggest even if emission peaks in decade or after; the impact on global warming will be large; with effect associated with water like drought, flood etc. The paper argues climate change externalities are public with no incentive to agent who cause it and underdeveloped countries are predicted to suffer more than one with good economy to adapt it. Communicating the Stern(2006) view, The Guardian mentions "Climate change is the greatest and widest-ranging market failure ever seen." The paper recommends three policy actions; a) carbon pricing, b) technology policy and c) energy efficiency and suggest that early effective action will outweigh the cost. Nordhaus (2007) reviews the Stern(2006) and mention global warming is a problem which doesn't differentiate state boundaries and might result in loss of 5%, conservative estimate and upto 20%, wider consideration, in GDP. Looking at the estimates and recommended action it feels that many issues are related to economic activities we are performing. Thus, In this post, I will suggest how a sensible choice of an individual or household can help climate change mitigation and making "A World" a better place than before.
