By Gernot Wagner, Martin L. Weitzman
In the event you had a ten percentage probability of getting a deadly automobile twist of fate, you'd take valuable precautions. in the event that your funds had a ten percentage likelihood of anguish a serious loss, you'd reevaluate your resources. So if we all know the realm is warming and there's a ten percentage likelihood this is able to ultimately result in a disaster past whatever shall we think, why aren't we doing extra approximately weather switch instantly? We insure our lives opposed to an doubtful future--why now not our planet?
In "Climate Shock," Gernot Wagner and Martin Weitzman discover in energetic, transparent phrases the most probably repercussions of a warmer planet, drawing on and increasing from paintings formerly unavailable to normal audiences. They exhibit that the longer we wait to behave, the much more likely an severe occasion will take place. A urban may well cross underwater. A rogue country may perhaps shoot debris into the Earth's surroundings, geoengineering cooler temperatures. Zeroing in at the unknown severe hazards which can but dwarf all else, the authors examine how financial forces that make brilliant weather rules tricky to enact, make radical would-be fixes like geoengineering all of the extra possible. What we all know approximately weather switch is alarming adequate. What we don't learn about the extraordinary hazards may be way more risky. Wagner and Weitzman aid readers keep in mind that we have to take into consideration weather swap within the related manner that we predict approximately insurance--as a hazard administration challenge, simply right here on a world scale.
Demonstrating that weather swap can and will be dealt with--and what may well take place if we don't do so--"Climate Shock" tackles the defining environmental and public coverage factor of our time.
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Extra resources for Climate Shock: The Economic Consequences of a Hotter Planet
Other greenhouse gases like methane and powerful industrial gases like hydrofluorocarbons (HFCs) as well as black carbon have significant influence under much shorter time scales—Â�years or maybe a decade or two. The level of eventual warming, however, is most closely linked to carbon dioxide. Technically, water vapor has an even larger, total effect. But that’s beside the point. It’s not something humans control directly. The chemical chain goes from carbon dioxide to higher temperatures to more water vapor.
We need to decrease emissions to near zero to begin to bring down concentrations. That’s where the shock part of Climate Shock comes in. It’s proven tough enough to turn the corner on carbon dioxide flows into the atmosphere, let alone turning the corner on excess carbon dioxide stocks already there. The International Energy Agency (IEA) estimates that, without a significant course correction, the world is currently on track to increase total greenhouse gas concentrations to around 700 ppm by 2100, and levels are only going to go up further thereafter on this trajectory.
That’s the policy solution in a nutshell: put an appropriate price on burning carbon that reflects its true cost to society. ” In a theoretical vacuum without uncertainty, the two approaches yield the exact same result. Economists love to have epic debates about which is the better approach in practice. Taxes are simpler, one line of reasoning goes. No, they aren’t. S. tax code. Taxes get the price of pollution up. That’s what we need. Yes, for now. But cap and trade limits emissions. That’s the ultimate point.