Curbing Climate Change through a National Development of Climate Change Policy

Abstract

In the last century, global development trends have tended to favour democratic systems and the capitalist ideology. In turn more equitable, economically secure, technologically advanced and intellectually progressive societies have developed around the world. However, at the same time, the side-effects of these trends have also been the creation of a materialistic society, high energy and resource consuming economy alongside inevitable, irreversible environmental damage and resource plundering. Economic analysis has a special role in contemporary national policy-making, as most of the important decisions fall within the economic domain. A country’s development level is principally measured by its GDP or monetary economic growth. Therefore, an economic model that is less materialistic and less energy demanding have to be introduced to achieve sustainable development, especially in the long-run. The development of a sustainable economic model has to recognise the environmental impact as part of the development agenda and finding a viable relationship between the two components. One common idea is to internalise the environmental impact into the economic scene with benefits to society and economy at large. To achieve the sustainable economic model, innovative policy instruments are essential in creating the necessary shifts in economic trends or patterns. A climate change policy plays a role in directing a country towards a sustainable economic development model by regulating the GHGs emission with appropriate sectoral policies in place.