Use the concepts introduced in Topic 6 to discuss how you understand the crisis the world is facing regarding greenhouse gas emission and global climate change. Explain in what ways there is market failure and explain why the free-market outcome is not allocative efficient. Also, explain what kinds of remedies are in place, or you would suggest implementing, to alleviate the related problems. Real life information (reference to news and data) that can support your answers are highly encouraged. Include appropriate diagram(s).