CLIMATE CHANGE HAS BECOME AN IMPENDING DISASTER IN THE MAKING: AN ANALYSIS OF THE IMPACT OF A CONSENSUS ON THE REDUCTION OF CARBON FOOTPRINTS WITH SPECIAL REFERENCE TO EMERGING ECONOMIES LIKE INDIA

Abstract

An attempt has been made to understand the reasons for the increasing impact of climate change for both developing and developed economies. In spite of the fact that the use of fossil fuels is the easiest way of achieving high GDP growth for developing economies like India, the worldwide adverse impact of climatic conditions on the agricultural sector has resulted in complete reversal with respect to the use of fossil fuels as an energy source. This might be an expensive alternative but the downsize is much worse. Research Question: Climate change has suddenly become extremely visible and apparent all over the world. The impact is being felt in everyone’s daily life. The disastrous aftermath of these changes has made life extremely uncomfortable, and is thus calling for consensus amongst all the countries of the world to find solutions in reducing its detrimental impact. This agreement is between both developed and emerging economies. How fair is it for emerging economies to be placed at the same level as developed nations is a question that will be attempted to be answered in this study. An attempt will be made to reduce the impact without affecting the pace of Gross Domestic Product (GDP) growth.