1.1.3 In his 2009 paper entitled, The Economic Effects of Climate Change, Richard Tol wrote that “Climate change is the mother of all externalities: larger, more complex, and more uncertain than any other environmental problem”.

a. Using the concept of externalities, analyse the reason for that scope and complexity when climate change is concerned.

b. What are the developed world’s obligations to the developing countries? Should the developed countries risk their own sense of well-being to meet these obligations? Supportyour answer.

c. Search the web to find the major issues involved in climate change.