Abstract

Author:
Prisca Ugomma Uwaoma, Fabian Chidubem Eze, Tochukwu Onunka, Donald Obinna Daraojimba, Simon Kaggwa, Okeoma Onunka

Doi: 10.26480/efcc.01.2024.01.08

This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

This comprehensive review critically examines the economic implications of climate change for the United States, focusing on assessing potential impacts and suggesting strategic economic responses. The paper begins by providing an overview of climate change and its global significance, emphasizing the urgency of addressing this issue within the U.S. economic context. It offers a historical perspective on the interplay between climate change and economic analysis, setting the stage for a detailed exploration of the topic. Also, the methodology section outlines the research framework, theoretical underpinnings, and a systematic literature review process, including criteria for the inclusion and exclusion of economic models and studies. A significant portion of the paper is dedicated to discussing economic strategies and policy recommendations. This includes mitigation strategies such as carbon pricing, renewable energy investments, and technological innovations, as well as adaptation strategies like resilient agricultural practices and climate-proofing urban infrastructure. The review also addresses broader economic policies for a sustainable transition, including fiscal policies, regulatory frameworks, and international cooperation. The discussion synthesizes the findings, interpreting the economic implications of various climate projections and scenarios, and critiques the limitations of current economic models in climate change analysis. The paper concludes by summarizing key findings, underscoring the economic imperative of climate action, and offering final thoughts on economic resilience and sustainability in the face of climate change. This review serves as an essential resource for policymakers, economists, and stakeholders, providing a nuanced understanding of the economic challenges and opportunities presented by climate change in the U.S. context.