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For instance, total damages are estimated to be 90% less if global warming is limited to 1.5 °C compared to 3.66 °C, a warming level chosen to represent no mitigation. [104] In an Oxford Economics study high emission scenario, a temperature rise of 2 degrees by the year 2050 would reduce global GDP by 2.5–7.5%.
Similarly, an older study found that if 1.1 °C (2.0 °F) of warming occurs between 2005 and 2045 (rate comparable to hitting 2 °C (3.6 °F) by 2050), then under the current livestock management paradigm, global agricultural costs would increase by 3% (an estimated $145 billion), with the impact concentrated in pure pasturalist systems.
In Asia, global warming of 1.5 °C (2.7 °F) will reduce the ice mass of Asia's high mountains by about 29–43%,: [56] Approximately 2.4 billion people live in the drainage basin of the Himalayan rivers: [57] In India alone, the river Ganges provides water for drinking and farming for more than 500 million people.
[9] [2] This means that for a given amount of carbon emissions, a related amount of global warming can reasonably be expected. [ 6 ] [ 14 ] The IPCC Sixth Assessment Report , which is the most thorough estimate as of 2021, [ 3 ] suggests a likely TCRE of 1.4 °C–2.2 °C per Tt C (or 1000 Pg C), a narrowing of the 0.8° to 2.5 °C per Tt C ...
The eco-costs of global warming (also called eco-costs of carbon footprint) can be used as an indicator for the carbon footprint. The eco-costs of resource scarcity can be regarded as an indicator for 'circularity' in the theory of the circular economy. However, it is advised to include human toxicity and eco-toxicity, and include the eco-costs ...
In the 1980s, the terms global warming and climate change became more common, often being used interchangeably. [29] [30] [31] Scientifically, global warming refers only to increased surface warming, while climate change describes both global warming and its effects on Earth's climate system, such as precipitation changes. [28]
Scarcity value is an economic factor describing the increase in an item's relative price by a low supply.Whereas the prices of newly manufactured products depends mostly on the cost of production (the cost of inputs used to produce them, which in turn reflects the scarcity of the inputs), the prices of many goods—such as antiques, rare stamps, and those raw materials in high demand ...
Ecological economists aim to minimize the ecological footprint, taking into account the scarcity of global and regional resources and their accessibility to an economy. [37] Some ecological economists prioritise adding natural capital to the typical capital asset analysis of land, labor, and financial capital.