The financial encyclopedia uses cookies to improve your user experience. Find out more here!


       

 

Ozone layer
 

 

A layer of the stratosphere protecting the Earth’s surface from activities, the use of chlorofluorocarbons (CFCs), halon, and other chemicals releasing chlorine molecules which, with a delav of around a decade, affect thp releasing chlorine molecules which, with a delay of around a decade, affect the stratosphere. Control of emissions requires global agreement, since each user of CFCs benefits from its own activities while most of the resulting damage affects the world as a whole. An agreement to replace CFCs and halon was reached in 1987 in the Montreal Protocol.

Reference: Oxford Press Dictonary of Economics, 5th edt.