Climate Change Economics and Policy: Effects on Australia's Food Manufacturing Sector

Climate Change Economics and Policy

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Contents

1.0 Introduction 3

2.0 Predicted effects of climate change on the food manufacturing sector 4

3.0 Carbon Tax Act 2012, the Direct Action Plan policies, and their critiques 5

3.1 Carbon Tax Act of 2012 5

3.2 Direct Action Plan 6

3.3 Critique of the Carbon Tax Act 2012 and Direct Action Plan policies 6

4.0 Risks and opportunities 7

4.1 Risks 8

4.2 Opportunities 9

5.0 Adaptive strategies 9

6.0 Conclusion 10

Reference 11

1.0 Introduction

Climate is the general weather conditions of a place over a long period (Denchak, 2017). For example, northern Australia's climate is hot, humid during summer, warm, and dry during the winter ("Climate of the World: Australia | weatheronline.co.uk," n.d.). Climate change refers to the variation of weather conditions over time in a particular region or globally. Climate change happens over a long time of decades hence the difference in general weather variations over a short time. Several factors lead to climate change. They include volcanic activities, solar radiations reaching the earth, plate tectonic movements, and biotic processes. Human activities like industrialization, oil spills, overfishing, and deforestation, among others, also lead to climate change (Denchak, 2017). The effects of climate change are global, and it has paralyzed several economic sectors in the world. The economic sectors affected by climate change include food manufacturing, governance, agriculture, mining, forestry, banking, and tourism. Different governments have enforced policies and laws that impede climate change.