Climate change uncertainties and economic growth
Loading...
Date
2022
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Paata Gugushvili Institute of Economics
Abstract
The work presents the challenges related to the uncertainty of climate change under the modern features of globalization. The global nature of the problem of climate change is analyzed, and the negative dynamics of climate change in Georgia and the neighboring countries of the Caucasus in recent decades – the tendency of the average annual temperature to increase. Decarbonization is highlighted as the urgency of transitioning from fossil fuel-based energy resources with zero carbon emissions to fuels based on renewable energy sources. It is noted that the use of renewable energy sources reduces the emission of greenhouse gases, and ensures a substantial reduction in the level of air pollution in cities. Taking into account the growing trend of climate change uncertainty, based on the requirements of ensuring sustainable development, the great importance of correct determination of the relationship between climate policy and economic growth is noted. In addition, sustainable development should mean systemic sustainability of the economy, social sphere, and natural environment in the format of the concept of green growth.
Description
1. გვერდწითელი გ., ჯანაშია ნ. (2022). საქართვლოს კლიმატის პოლიტიკა: ევროინტეგრაციის კვალდაკვალ. თბილისი.
https://www.climatebasics.info/_files/ugd/8cfda1_ec82814f787b4e2ba18c0392f4d122e2.pdf
2. ერქომაიშვილი გ., მინაშვილი რ. (2021). ეკოლოგია და გარემოს მდგრადი განვითარების პოლიტიკა საქართველოში. უნივერსალი, თბილისი.
3. ლაზარაშვილი თ. (2020). ეკონომიკური ზრდის „მწვანე“ დაფინანსება: კონცეფციები და პრობლემები. გლობალიზაცია და ბიზნესი. 9, 53-56.
https://doi.org/10.35945/gb.2020.09.006
4. ლომია ტ. (2018). გარემოს დაცვის რაციონალური ეკონომიკური პოლიტიკის ფორმირების პრობლემა. გლობალიზაცია და ბიზნესი. 6, 169-174.
5. შენგელია თ., მცირე ბიზნესის განვითარების პერსპექტივები კოვიდპანდემიით გამოწვეული გაურკვევლობის პირობებში. გლობალიზაცია და ბიზნესი. 12, 65-70. https://doi.org/10.35945/gb.2021.12.010
6. Abesadze, R. (2019). “Green” and “Circular” Economy: Essence and Modern Chal-lenges. International Journal of New Economics and Social Sciences. № 2(10), 329-345.
7. Baker, S., Bloom, N. & S. J. Davis, S., J. (2016). Measuring Economic Policy Uncer-tainty. Quarterly Journal of Economics. 131, 1593–1636. 8. Bedianashvili, G. (2019). Formation of Knowledge-Based Economy and Green Econ-omy: Socio-Cultural Aspect. Conference materials: Current Problems of Formation of “Green Economy”. At: Paata Gugushvili Institute of Economics of Ivane Javakhishvili Tbilisi State Uni-versity, Tbilisi. 33-37.
9. Bedianashvili, G. (2021a). Globalization and Modern Challenges of Economic Uncer-tainty. Conference materials: Strategies, Models and Technologies of Economic Systems Man-agement (SMTESM-2021). At: Khmelnytskyi National University, Ukraine. 24-48.
10. Bedianashvili G. (2021b). The Socio-Economic Effects of Covid-19 and the Challenges of Economic Uncertainty. Materials of VI International Scientific Conference: Challenges of Globalization in Economics and Business. Ivane Javakhishvili Tbilisi State University, Econom-ics and Business Faculty. 34-38 (In Georgian).
11. Bloom, N., Bond, S. & Van Reenen, J. (2007). Uncertainty and Investment Dynamics. Review of Economic Studies, 74, 391–415. 12. Braconnot, P., S. P. Harrison, M. Kageyama, P. J. Bartlein, V. Masson-Delmotte, A. Abe-Ouchi, B. Otto-Bliesner, and Y. Zhao, (2012). Evaluation of climate models using palaeo-climatic data. Nature Climate Change, 2, 417–424. doi:10.1038/nclimate1456. 13. Bretschger, L. & Soretz, S. (2018). Stranded Assets: How Policy Uncertainty Affects Capital, Growth, and the Environment. CER-ETH-Center of Economic Research (CER-ETH) at ETH Zurich.
14. Brogaard, J., & Detzel, A. (2015). The Asset Pricing Implications of Government Eco-nomic Policy Uncertainty. Management Science. 61, 3–18. 15. Clark, P., Shakun, J., Marcott, S. et al., (2016). Consequences of twenty-first-century policy for multi-millennial climate and sea-level change. Nature Clim Change. 6, 360–369. https://doi.org/10.1038/nclimate2923
16. Climate Change Knowledge Portal (2022). Variability, Trends, Uncertainty. https://climateknowledgeportal.worldbank.org/overview 17. Deser, C., A. Phillips, V. Bourdette, and H. Teng, (2012). Uncertainty in climate change projections: The role of internal variability. Climate Dynamics, 38, 527–546, https://doi.org/10.1007/s00382-010-0977-x. 18. Enel Green Power (2022). Climate change: the causes and effects. https://www.enelgreenpower.com/learning-hub/energy-transition/climate-change-causes-consequences
19. Fried, S. (2018). Climate policy and Innovation: A Quantitative Macroeconomic Analysis. American Economic Journal: Macroeconomics.
20. Gavriilidis, K. (2021). Measuring Climate Policy Uncertainty. Available at SSRN: https://ssrn.com/abstract=3847388.
21. Hoffman, A., J. (September 30, 2019). Climate Change and Our Emerging Cultural Shift.Behavioral Scientist. https://behavioralscientist.org/climate-change-and-our-emerging-cultural-shift/ 22. Kriegler, E., Edmonds, J., Hallegatte, S., et al., (2014). A new scenario framework for climate change research: the concept of shared climate policy assumptions, Climatic Change 122, 401–414. https://doi.org/10.1007/s10584-013-0971-5
23. Papava, Vladimer. 2022e. “Pandemic, War and Economic Sanctions: From Turbulent to Confrontational Globalization.” Eurasia Review, May 23. https://www.eurasiareview.com/23052022-pandemic-war-and-economic-sanctions-from-turbulent-to-confrontational-globalization-oped/?fbclid=IwAR1zLFJs1kUFJWgp6qRXRWhLOy2OWnWjwIVUjMwjphnjqs0OKoUQSi12Z4I
24. Pastor, L., & Veronesi, P. (2012). Uncertainty about Government Policy and Stock Prices. Journal of Finance. 64, 1219–1264.
25. Pastor, L., & Veronesi, P. (2013). Political Uncertainty and Risk Premia.” Journal of Financial Economics. 110, 520–545. 26. McKinsey & Company (January, 25, 2022). The net-zero transition. What it would cost, what it could bring.
27. The World Bank (2012). Inclusive Green Growth. The Pathway to Sustainable Devel-opment Washington.
28. Van Der Ploeg, F., & Rezai, A., (2020). The Risk of Policy Tipping and Stranded Car-bon Assets. Journal of Environmental Economics and Management.
29. USGCRP, (2017). Climate Science Special Report: Fourth National Climate Assess-ment, Volume I [Wuebbles, D.J., D.W. Fahey, K.A. Hibbard, D.J. Dokken, B.C. Stewart, and T.K. Maycock (eds.)]. U.S. Global Change Research Program, Washington, DC, USA.
30. Xepapadeas, A. (2001). Environmental Policy and Firm Behavior: Abatement Invest-ment and Location Decisions Under Uncertainty and Irreversibility in Behavioral and Distribu-tional Effects of Environmental Policy. University of Chicago Press, 281–308.
Keywords
contemporary features of globalization, the uncertainty of climate change, economic growth, green growth
Citation
Conference: the Innovative Development of an Economy: World Experience and Perspectives. Tbilisi, 2022, pp. 29-36