Global Climate Change has become the central and worldwide issue which has emerged as a major scientific concern and subject of public policy. Two reports by the Intergovernmental Panel on Climate Change (IPCC), (2001) and (2007)] and many other recent scientific papers have indicated climate change as an unequivocal fact to which human beings are basically responsible. A number of scientific and climate modeling breakthroughs have taken place since 2001 and have made it possible to adjust estimates on an ongoing basis. IPCC’s [(2007) Fourth Assessment Report] provides an extreme variation between 1.1°C and 6.4°C (4°C on average) when its closer to the termination of the 21st century, considering 1990 on an average, as a reference. In addition to temperature increases, changes are expected in rainfall patterns, although these projections are more difficult and remain extremely uncertain.
The heating up of global system of climate is unprecedented. The average temperature of air and ocean globally has steadily increased over a period of time, resulting in exceptional and pervasive snow and ice melting. The average sea levels at global stage are also on the rise.
The serious analysis regarding meeting the challenge of climate change, done in 2006, led to conclusion that one per cent of global gross domestic production will be required to prevent negative impacts of climate change. Stern (2008) estimated the figure which is twice than the previous one per cent. It was also reviewed and estimated that the global GDP could increase manifold e.g., from 5 per cent to 20 per cent, in order to engage in activities which curtail the negative fallout of climate change by the year 2100.