Hitting the Macro-economic challenge_ Climate Change and Economic Implications

We are familiar with the definition of Climate for quite a long time. Unlike the indigenous proxy measures like tree rings, fossils, etc., we employ instruments and data to measure temperature and precipitation under the concept of climate science. It renders the knowledge of key life-supporting factors. Atmosphere, being one such essential factor. 
So, are we affecting this blanket?
Well, the scientific response is yes, we are affecting the atmosphere, by releasing natural resources and fossil fuels. And this is indeed changing the ability of the atmosphere to trap heat. The global annual temperature has increased at an average of 0.08 degrees Celsius per decade since 1880 that hiked ocean height by 6 inches. Many of such negative physical impacts are starting to be evident now. But there are also the economic implications that are currently being studied and are worrisome. These are evident across the spectrum of human activities, ranging from agricultural yields to labor productivity, to health. Two inter-dependent activities are proposed that are relevant among us, businesses, government, and nations to cater to such impacts.

1. The Activity of Mitigation – Businesses, Policymakers, and consumers coming forward to realize/counter exploitation and deterioration collectively. Technical resolves with innovation are needed to grab the golden key.
2. Adaptability – Undertaking short-term reforms for a long-term perspective demands adaptability during the transition and sustenance.  

There are a lot of leading companies that are adopting this transition and learning the art of adaptability and mitigation. 

Case Study: TATA STEEL

Thermal Industry produced a maximum, nearly 70%, of the world's carbon emissions. The steel industry also requires the burning of coal and melting iron ore to produce steel. Conventionally, burning coal for making electricity or steel emits a lot of carbon to the environment. Thus, raising the average temperature of the earth causing numerous harmful implications.
Fe2O3(s)+3C(s)→Δ2Fe(l)+3CO(g) 

TATA Steel Ltd. has claimed that it will become a carbon-free steel maker by 2050, paving the way to sustainability. The plant would save up to 350,000 t/yr. of CO2. The hydrogen could be used as a reductant in the steelmaking process, within the production of direct reduced iron. 

Conventional Method: TATA company uses blast furnaces for melting coal with iron to produce steel and carbon as a by-product.

Sustainable Method: They plan to make use of hydrogen as a reacting agent instead of oxygen by using the electrolysis technique. In which iron ore would react with hydrogen to produce iron (desired product) and H2O (By product).