Global climate change
Human-induced in the environment especially from the emissions of greenhouse gasses leading to higher temps around the globe
United Nations Framework Convention on Climate Change (UNFCCC)
An international agreement enacted in 1992 and entered into force in 1994 that provides an overall framework for intergovernmental efforts on climate change
Paris Agreement
Negotiated under the UNCFCCC in 2015, signed by 195 countries and entered into force in 2016. First-agreement to require commitments to control greenhouse gas emissions form all signatories
Tragedy of the commons
a problem that occurs when a resource is open to all, without limit. No one has an incentive to conserve because others would use the resource in the meantime, so the resource suffers degradation.
Public goods
Products that are nonexcludable and nonrival in consumption, such as national defense or clean air or water.
Common-pool resources
goods that are available to everyone, but such that ones users consumption of the good reduces the amount available for others rival but non excludable
Nonexcludable goods
goods that if available to everyone to be consumed by one actor cannot be prevented from being consumed by other actors as well
Nonrival goods
goods for which consumption by one actor does not diminish the quantity available for others
Kyoto Protocol
amendment to UN’s framework reducing carbon and greenhouse gas emissions
Montreal Protocol
int. treaty, 1989, designed to protocol the ozone layer by phasing out the production of a number of CFC’s and other chemical compounds
Vienna Convention
a framework convention, 1988, to regulate activities especially emissions of CFC’s that damage the ozone layer
Cap-and-trade system
sets overall limit on emissions, which is then lowered over time to reduce pollutants released into the atmosphere. Firms can sell “credits” when they emit less than their allocation or must buy from others when they emit more than their allocation
National Determined Contribution (NDC)
the commitment each party to the Paris agreement makes as to how it will contribute to reducing the threat of global warming
Externalities
costs or benefits resulting from an actor’s decision that affect stakeholders other than that actor. When an externalities exists the decision maker does not bear all the costs or reap all the benefits from the action
