Government intervention is necessary to address climate change from "summary" of Reimagining Capitalism in a World on Fire by Rebecca Henderson
Addressing climate change is a monumental task that requires urgent action from all sectors of society. While private sector innovation and investment are crucial in driving the transition to a sustainable future, government intervention is necessary to provide the regulatory framework and incentives needed to accelerate the shift towards a low-carbon economy. The market alone is not equipped to effectively address the externalities associated with climate change. Without government intervention, companies have little incentive to internalize the costs of their carbon emissions or invest in sustainable practices. This results in a tragedy of the commons, where individual actors prioritize their short-term profits over the long-term well-being of the planet. Government intervention can take many forms, from setting emissions targets and implementing carbon pricing mechanisms to providing subsidies for renewable energy and investing in green infrastructure. By creating a level playing field and aligning economic in...
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