Abstract

A rise in average global temperatures, changes in precipitation patterns, rising sea levels, the shrinking cryosphere, and changes in the pattern of extreme weather phenomena are all signs of climate change, which is primarily caused by human emissions. The average global temperature is expected to rise by between 1�C and 3.7�C during this century, with the increase amounting to between 1�C and 2�C by 2050 and extreme scenarios with temperature rises of up to 4.8�C by 2100. There is evidence that the average global temperature increased by 0.85�C between 1880 and 2012. Insofar as climate-changing greenhouse gases are emitted into the atmosphere with no cost to economic activity, climate change is arguably the ultimate negative externality from an economic perspective. Therefore, in order to address the market failures that either contribute to or exacerbate climate change, a variety of public measures are required. In terms of climate change, the region of Latin America and the Caribbean is asymmetrical. The area has historically contributed very little to climate change, but it is nonetheless extremely vulnerable to its impacts and will play a significant role in any potential remedies. Due to its geography, climate, socioeconomic status, and demographics, as well as the high sensitivity of its natural resources like forests and biodiversity to climate change, the Latin American and Caribbean region is extremely vulnerable to climate change. A worldwide agreement on climate issues built on the shift to sustainable development will be necessary to adapt to the changing climate circumstances and implement the mitigation strategies required to reach climate targets.

Description