Over the years, policies focusing on climate change and its adaptations have mainly focused on how the instruments enforce a significant rate on the production and release of greenhouse gases and carbon dioxide are designed. As a result, the cost of producing and using fossil fuel is less considered, yet the scenario has the potential of increasing under the various climate change policies. Hence, policies related to Climate change mitigation measures are projected to impose some high cost on most industries that use carbon for their production. This extra cost will eventually result in a decline in the overall outputs of such sectors and consequently an increase in the net imports (Sato & Dechezlepretre, 2015)
According to Aldy and Pizer, (2015), rise in carbon prices has made most energy-producing industries to increase the costs of power. This drastic shift in terms of prices has consequently led to a decline in the overall output. The above have been linked to the competition effects of most the climate change adaptation policies, i.e. the carbon pricing policy implemented domestically. Furthermore, the higher price attached to the production of carbon has continually lead to a decline in the production of most energy-intensive industries.
The research further shows that most industries are not willing to comply with the set carbon policies since, in most scenarios, they are higher than those of conventional pollution. Technologies relating to end pipe treatment solutions has made most industries to fall out due to the high cost of installation. The small and upcoming energy-based enterprises are thus forced to incur high charges since they are not able to switch fuel accordingly during their production processes (Sudarshan & Tewari, 2014). The higher input cost will, in the end, lead to a decline in the overall output and sales as they face stiff competition from other climate change adaptation policies.
It is evident from the above scenarios that there exist stiff competition between the various climate change adaptation policies that impact heavily on most energy-based industries in California. The multiple strategies to the above scenario seem to differ and hence affecting the output of most industries which adhere to them. This high effect is attributed to their physical extent of coverage and adaptation rate. There is, therefore, an urgent need to harmonize all the policies relating to climate change adaptation strategies to harness the maximum benefits therein.
Aldy, J. E., & Pizer, W. A. (2015). The competitiveness impacts of climate change mitigation policies. Journal of the Association of Environmental and Resource Economists, 2(4), 565-595.
Sato, M., & Dechezlepretre, A. (2015). Asymmetric industrial energy prices and international trade. Energy Economics, 52, S130-S141.
Sudarshan, A., & Tewari, M. (2014). The economic impacts of temperature on industrial productivity: Evidence from Indian manufacturing (No. 278). Working paper.
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