Global warming16 has already begun. Climate change has become a self-propellingudand self-reinforcing process as a result of the externality associated with greenhouse-udgas (GHG) emissions. Although it is an externality related to humankind,udaccording to a number of unique features we should distinguish it from other externalities.udClimate change is a global phenomenon in its causes and consequences. The long-term and persistent impacts of climate change will likely continue over centuries without further anthropogenic mechanism. The preindustrial (equilibrium) level of GHG concentration in the atmosphere cannot be restored since it is irreversible, but if we do not stabilise the actual level of atmospheric concentration, the situation will become much worse than it is now. Assessing the impacts of climate change requires careful considerations because of the pervasive uncertainties andudrisks associated with it.
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