A new study by lloyds has concluded that most of the

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A new study by Lloyd’s has concluded that most of the low-cost technologies are becoming competitive with fossil fuels. For instance, nuclear energy is a more natural method of power generation and a cheaper option based on life-cycle costs (Baranzini et al. 462). Similarly, solar and wind technology do not require substantial capital investments. Thus, they are also easy to adopt in low-income states. Overall, the adoption of low carbon technologies is beneficial to tackle the identified needs in the area of reducing carbon and other greenhouse gas emissions. Besides, it will ensure increased exploitation of possible renewable technologies and reinforce the public acceptance. Furthermore, it will reduce carbon dependency, which will benefit various stakeholders due to improved conditions, services, and new economic opportunities. Therefore, developing nations need to adopt low carbon technologies so that they can enjoy the benefits associated with them and, at the same time, reduce the effects of climate change on the environment.
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Surname 3 Works Cited Baranzini, Andrea, et al. “Carbon Pricing in Climate Policy: Seven Reasons, Complementary Instruments, and Political Economy Considerations.” Wiley Interdisciplinary Reviews: Climate Change 8.4, 2017: pp. 462. Nordhaus, William D. The Climate Casino: Risk, Uncertainty, and Economics for a Warming World . Yale University Press, 2013, p. 254.
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