Revista de Economía y Negocios

The Economics of Climate Change Mitigation: Balancing Environmental Goals and Economic Growth

Abstract

Afees Salisu*

Climate change is one of the most pressing challenges of our time, posing significant risks to the environment, society, and the global economy. As the world grapples with rising temperatures, extreme weather events, and melting ice caps, the need for effective climate change mitigation strategies becomes increasingly evident. However, addressing climate change comes with economic implications, as policies designed to reduce greenhouse gas emissions and promote sustainable practices may have both costs and benefits. This article delves into the complex topic of the economics of climate change mitigation, examining how to strike a balance between environmental goals and economic growth. Implementing climate change mitigation policies involves substantial costs, particularly in transitioning from fossil fuel-based energy sources to cleaner alternatives. Governments, businesses, and individuals face the challenge of financing renewable energy infrastructure, adopting energy-efficient technologies, and adhering to stricter emissions standards.