Inheritance of a tragedy

Abstract:

The relationship between climate change and economic growth in developing nations is examined in this essay. It draws attention to the difficult conundrum these nations face in balancing economic growth and environmental sustainability. The essay makes the case that the development of developing countries’ economies has frequently come at the expense of their environments due to the inherited abundance of resources and resource-related sectors. This has brought their interest in survival into conflict with the shift to a low-carbon economy, which is contrary to their objectives of economic growth and inequality reduction. The situation is seen in the essay as a multi-player Prisoner’s Dilemma in which the economies of the developing world are the players, and Pareto-efficient solutions are rarely found. The essay acknowledges the risks associated with the economic growth that is driven by energy sources that the current generation has inherited, risks that will only result in a broken world for future generations. The essay also points out that actions taken to combat climate change frequently contribute to the very tragedy of the commons that they are meant to address. The essay suggests a solution to this conundrum: a combination of policies with regular evaluations of their effectiveness will help everyone come to the table and be motivated to work together, resulting in more stable and long-lasting solutions for a healthier future. In conclusion, this essay sheds light on the complex interplay between climate change and economic development in developing countries and underscores the need for policies that balance economic growth and environmental sustainability.

Recommended citation: Chakrabarti, Saptarshi (2023). "Inheritance of a tragedy." https://github.com/saptarshichakrabarti/SGS_essay/blob/main/SGS.pdf