Climate change and economic growth: issues challenges and mitigation

Climate change is a civilization-threatening consequence. Increasing temperature and more frequent natural disasters will impact the economy in many ways, inflicting damage on output and assets. Climate change induced
by greenhouse gas lowers profitability, reducing investment and cutting output in the short and long runs. Short-run employment falls due to deficient demand. In the long run productivity growth is slower, lowering potential income levels. This paper deals with economics of climate change with reference to carbon dioxide emission and economic growth, climate change mitigation option, cost of climate change mitigation, adaptation to climate change, modeling scenarios, cost-effectiveness, multi-criteria analysis and cost-benefit analysis. It outlines the global economic impact of climate change scenario and climate change economic effects. This paper makes a special note on climate change and Indian economic growth and climate change mitigation in India. This paper concludes with some interesting findings along with policy suggestions.