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Climate change mitigation policies can have a large and complex impact on the socio-economic status of individuals and countries This can be both positive and negative. [299] It is important to design policies well and make them inclusive. Otherwise climate change mitigation measures can impose higher financial costs on poor households. [300]
Discussions center on mitigation, adaptation, technology development and transfer, and financial resources and investment. During COP21, the international community funded investment in climate risk insurance as part of the strategies for addressing climate risk.
This approach is the dominant one where all world governments are engaged, which makes sense as the entire population of the world is affected by this issue. The top-down approach is that of strong central oversight by a majority of world governments in determining how various approaches to climate change mitigation should be implemented. [9]
Climate risk insurance is a type of insurance designed to mitigate the financial and other risk associated with climate change, especially phenomena like extreme weather. [ 22 ] [ 23 ] [ 24 ] The insurance is often treated as a type of insurance needed for improving the climate resilience of poor and developing communities.
The economics of climate change mitigation are a central point of contention whose considerations significantly affect the level of climate action at every level from local to global. For example, higher interest rates are slowing solar panel installation in developing countries .
Climate resilience is generally considered to be the ability to recover from, or to mitigate vulnerability to, climate-related shocks such as floods and droughts. [7] It is a political process that strengthens the ability of all to mitigate vulnerability to risks from, and adapt to changing patterns in, climate hazards and variability.
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