Using Environmental Externalities to Regulate the Risk of Harm From Greenhouse Gas Emissions

The idea that environmental damage from industrialization is external to the economic market for industrial products has become of increasingly practical importance as the result of the United Nations Framework Convention on Climate Change. The Convention seeks:

[…] stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system within a time frame sufficient to allow ecosystems to adapt naturally, ensure that food production is not threatened and to enable economic development to proceed in a sustainable manner.

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