It is now recognised that the path to sustainable development involves a better integration of economic into environmental decision-making in particular through the use of economic techniques for the appraisal of projects and policies (OECD 1995). The control of greenhouse gases (GHGs) is one of the environmental policies, by which the prevention of climate change and global warming is challenged. Cutting GHGs emissions involves high costs and a stream of benefits is associated with such an action. the examination of how costs and benefits of control vary with the level of reduction of gases requires the use of some techniques. In this paper a number of cost-benefit models will be analysed. While the models are efficient enough for the cost estimations, economists are not capable to assess the benefits of reducing GHGs. Consumption of fossil fuels produces some non-market environmental problems associated with greenhouse effect which are briefly referred to and require extensive research.
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