climate change, market failure, externalities, environmental policy
Climatologists and other scientists generally agree that the global climate is getting warmer. Levels of carbon dioxide from the burning of fossil fuels have risen along with other greenhouse gases, such as methane from dairy farming and paddy fields. The list of consequences of climate change is extensive and includes the shrinking of the polar ice caps, rising sea levels, increased droughts and extreme weather events, the acidification of oceans and the destruction of coral reefs. Warming increases water vapour in the atmosphere — itself a powerful greenhouse gas.
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