New research has revealed some shocking facts and figures about global economic output. The cost of industries is growing day by day and if we see the true cost of energy, it is huge. The hidden sector of social, environment and health costs us whole world’s energy and transport sector. It can be equated with the entire economy and according to statistics; it is equal to the quarter of it. The expenditure is increased due to consumption. Since industries are expanding their business with time to make out of a good revenue generation by capitalization. This research was carried out by the University of Sussex Business School and Hanyang University. Professor Benjamin K. Sovacool and Professor Jinsoo Kim combined externalities involved in the transport and energy sectors worldwide and suggested an estimated average. This average is not fully accurate because it was gathered from different parts. It tells that $24.662 trillion might be equivalent to 28.7% of global gross domestic product.
When we do some calculations and come to factor in the currently uncalculated industry impact of externalities, which includes climate change, air pollution caused by humans, and land erosion then the true cost of coal should become twice as high as current prices. It may be assumed that cost will grow according to the trends in business. These changes affect the cost very rationally and hence normal people face trouble.
The study highlighted some factors which directly hit the market negatively. The research tells about the market failure of the world’s energy system. Factoring in their true costs which actively include social costs which are much equal to the production cost and other costs; help have the desired amount of availability of fossil-fueled such that nuclear power stations become very cheap and economical. Hence, this research suggests using the resources in a good manner.
