Global warming has compelled economists, besides scientists, to contemplate on substantial alternatives that can address the overwhelming impacts increasingly taking a toll on our ecological balance. Sudden floods, droughts, devastating wildfires and storms not only costs human life, but also causes immense irrecoverable damage to property, productivity, trade and infrastructure.
To begin with, higher temperatures and minimum rainfall leads to reduction in the moisture content of the soil thus affecting the availability of arable land due to inevitable drought. The infertile croplands are unable to contribute towards the ever growing food sector catering to the incessant demands of the ever rising population. The dearth of agricultural production is leading to scarcity of food, often resulting in inflationary trends. Thus, the entire economy suffers.
Lumber as well as paper industries suffer due to increased temperatures and less precipitation that affects proper growth of trees. Logging is a huge source of returns owing to the value of good wood in the market. But, the effect of global warming seems to cut down on the fuel, lumber and paper supply drastically reducing the profit margin of industries based on forest supplies.
The oceans and fresh water sources are also faced with impending danger owing to the fast melting of glaciers, causing extinction of rivers flowing through it, leading to the drop in availability of fresh water. The rivers filled with a variety of aquatic life- a ready source of commercial returns, suffers.
In fact, when glaciers melt, water gets warmer and expands. In all probabilities the water drifts to coastal zones directly impacting the biodiversity there.
Potential health hazards like allergies, heat strokes and other pollution related terminal diseases caused due to the effect of global warming cause ample drain of wealth.
Global warming has contributed to the inception of climate refugees, who are forced to leave their belongings due to climatic conditions and disasters. This invariably leads to breakdown of social fabric, perhaps ending up at unrests and agitations, requiring armed intervention by civic authorities and loss of significant wealth from the public coffer.
Now that we have problems in the fore, it is important to coin the potential solutions irrespective of the investments it demand. It is essential for us to gear up with energy efficient housing, develop emergency responders that records seismic activities making commoners aware of the upcoming disaster and enabling them to cope with it. Authorities need to strengthen public infrastructures like roads, bridges, build seawalls and adopt necessary measures to prevent sewer overflows.
Introducing absorbers for carbon sequestration as well as setting up treatment plants to save pollution as well as all above adaptations require a huge initial investment leading us to a vicious cycle.
Today we are stuck in our own maze, unable to retreat. Thus, there are few plausible alternatives that can redress the impacts, if not reverse it. But each will cost us excessively, most of it beyond the affordable limits of the common man.