• H.R.DHANBHAR
• N.A.KALAMBE

Global warming is the increase in the average temperature of the Earths near surface air and oceans in recent decades, and its projected continuation. Most of the observed increase in globally averaged temperature since the mid-twentieth century is due to increase in anthropogenic greenhouse gas concentrations through Greenhouse effect. Climate model projection summarized by IPCC indicate global surface temperature will likely rise further 1.1 to 6.40C during 21st Century. Increasing global temperature will cause sea levels to rise and expected to increase the intensity of extreme weather events. Other effects include changes in agricultural yields, trade routes, glaciers retreat, species extinctions, and increases in the ranges of disease vectors. Failing to curb the impact on climate due to global warming could damage the global economy on the scale of great depression. The environmental devastation could shrink the worlds annual Gross Domestic Product (GDP) by 20% as per the report of Sir Nicholas Stern, the world renowned British economist. But taking action now would cost just 1% of world GDP. The economic impacts will be also experienced in insurance, infrastructure and investment sectors. Increased costs of migration slow down of economic development and thus retardation in poverty eradication process will also face the serious implications. The whole scenario will make it even harder to achieve the millennium development goals globally. It is not an option to wait and see, and we must act now. This paper highlights the different sectors of economy affected and cost estimates involved in mitigation efforts of global warming.

Global warming, greenhouse gases, Sir Stern report, Economic impact on mitigation efforts, economic impact on various sectors, Global GDP Contraction.

"Global Warming : The Economic Perspective", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.7, Issue 2, page no.510-512, February-2020, Available :http://www.jetir.org/papers/JETIRDI06098.pdf

"Global Warming : The Economic Perspective", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.7, Issue 2, page no. pp510-512, February-2020, Available at : http://www.jetir.org/papers/JETIRDI06098.pdf