The effects of global warming can be felt in the economy. The market only needs to believe in the prospect of the global phenomenon for it to impact businesses. Whether in fuels, transportation, insurance or other sectors, global warming negatively and positively affects the economy. Governments have already introduced carbon taxes after top environmental scientists throughout the world have agreed that global warming is a reality.
As global warming persists and shorelines elevate, the cost to insure a home within 50 meters of the ocean will rise, according to B5 Media. The website states that property insurance professionals have already hiked rates for properties that are close to the shoreline and this trend persists throughout the world. Rising shorelines also means anything produced close to the ocean will cost more and the value of homes in those areas will decrease.
Taxes to offset the cost of carbon emissions to the environment have already been introduced in many jurisdictions. Governments throughout North America have coined the term "carbon tax" to describe costs which they say will be put towards protecting the environment. Any petroleum products are included in this tax. The results of the increased costs of fuel could affect the profitability of petroleum companies if people begin seeking other forms of transportation. Businesses selling alternate fuels such as grasses, grains and other foliage could see a rise in sales. For example, the price of corn could rise and be followed by an increase in the cost for food.
As the cost to fill up your tank of gas increases, a hike in the number of hybrid and electric cars should follow. Hybrid cars already depreciate less quickly than vehicles with internal combustion engines. Car mechanics will have to retrain themselves to deal with this ever-sophisticated fleet of vehicles. According to B5 Media, the quality of public transportation will improve. This means a more comprehensive subway, monorail and bus systems, with more frequent stops and designs that accommodate more people. Already in Japan, massive buses that cars can drive under have been designed.
Effects on various other businesses are anticipated. For example, the price of fresh water is expected to soar and higher value on water efficiency could result. Facilities could be in danger of flash flooding, due to tropical storms that are expected to result from warming. More government taxes and pollution penalties are likely to be initiated, according to ZD Net. A movement toward more environmentally responsible businesses that don't participate in deforestation is anticipated and more attention to habitat restoration project is expected to follow.