Uber has been ordered to pay a 300,000 euro ($336,600) penalty, adding to the challenge of a court-ordered partial shutdown imposed on its...

Stock Market

Uber Must Pay $336,600 Penalty on Top of Brussels Near-Shutdown

The Department of Energy (DOE) said, that the United States has launched an auction for 32 million barrels of crude from four strategic...

Commodities

U.S. to Sell 32 million Barrels of Crude Oil from 4 SPR Sites

The energy ministry said the United Arab Emirates will show complete commitment and cooperation with the OPEC+ agreement.

Commodities

UAE Will Offer Complete Support to OPEC+ Decisions

Asian shares fell lower as the dollar went up on Thursday. Investors are looking towards hike rate policies...

Stock Market

Asian Shares Decline as Dollar Goes Higher

The Turkish Lira began on its recovery after reaching record lows caused by the President’s interest rate cuts.

Stock Market

Turkish Lira Finally Rebounds After Months of Lows

World

1 Nov 2021

Cutting Down Carbon Emissions Gains Economic Support

Cutting Down Carbon Emissions Gains Economic Support

The Index Today

With the ongoing Climate conference in Glasgow, a number of world leaders have pledged to bring carbon emissions down to zero. William Nordhaus, world renowned climate economist and Nobel laureate stated that climate change would lead to effects on economic growth but not enough to justify the cost of trying to maintain global temperatures below 2 degrees.

However, his argument is now being challenged by economists who believe that his economic model is outdated. According to latest research, the cost from emissions is predictably higher and does not prove that net zero is cost-effective.

The White House has consulting with economists to help understand the effect of emissions and find a new cost for carbon which matches the value in current times. The higher cost of carbon must be able to justify the strict emissions curbs that could provide a basis for talks and commitments made by the president in Glasgow.

Even with a number of economists working to model a new climate economy, only three IAMs are fully established. However, many features of these economic models have come under scrutiny. The issues are not anywhere near to be settled as economic assumptions are likely to be subjective rather than scientific. Governments around the world are considering imposing fines and penalties on carbon emissions which lead to social costs.