Explain why the debate about global warming suggests that current economic growth is not sustainable
Explain why the debate about global warming suggests that current economic growth is not sustainable
Global warming has been a controversial subject for decades. It is inevitable for an economy that wishes to grow in the short term as the efficient, non-renewable resources emit greenhouse gases whereas in the long term, it poses a threat for the economy of posterity. A UN study has revealed that global warming increases the magnitude and frequency of natural disasters, thus pushing the economy on the brink of collapse.
Experts believe that the global warming has increased the size and frequency of hurricanes. The Katrina hurricane in 2005 may be used as a justification to this statement; it caused $125 billion worth damage in the US. Consequently, the GDP dropped from 3.8 to 1.5, which is more than a 50% drop! Ironically the disaster had a huge death toll but increased unemployment as many firms moved in search of greener pastures. However the economic development of the US is stable as developed countries are able to cope with natural disasters, making them resilient. So we can evaluate from these statistics that global warming is a huge threat to a sustainable development as it exponentially increases the rate and magnitude of natural disasters.