Global Warming and Economic Development Under Global Net-Zero Carbon Emission Targets

As global temperatures continue to rise, there is an alarming increase in the severity and frequency of extreme climate hazards. The United Nations, responding to these dire changes, has advocated for a target of net-zero carbon emissions, a strategy aimed at pursuing efforts “to limit the temperature increase to 1.5°C above pre-industrial levels” (The Paris Agreement) and mitigating the devastating effects of global warming. This research delves into the economic implications of these targets, leveraging comprehensive datasets that encompass carbon emissions, temperature fluctuations, renewable energy, and vital economic indicators. Utilizing the SSP and RCP scenarios, we provide a nuanced projection of future climate under varying socio-economic and radiative conditions. Our findings underscore the intricate relationship between stringent carbon management practices and their potential economic ramifications, which include both the promise of increased market value for businesses and bolstered resilience against climate-induced threats. Bridging historical observations with future-orientated projections, this study serves as a beacon for policymakers and stakeholders alike. It emphasizes the critical need to advance sustainable development within a net-zero carbon framework, ensuring a comprehensive strategy for global warming adaptation and mitigation.