By Dieter Helm, Cameron Hepburn
ISBN-10: 019957328X
ISBN-13: 9780199573288
The overseas framework for a weather switch contract is up for overview because the preliminary Kyoto interval to 2012 involves an finish. even though there was a lot enthusiasm from political and environmental teams, the underlying economics and politics stay hugely debatable. This booklet takes a funky headed examine the serious roadblocks to contract, analyzing the economics of weather switch, the incentives of the most gamers (the US, european, China) and examines the regulations governments can installed position to minimize greenhouse fuel emissions, and finally shift our economies onto a low-carbon path.
The quantity brings jointly top weather switch coverage specialists to set out the commercial research and the character of the negotiations at Copenhagen and past. as well as reviewing the most concerns mentioned above, many of the articles query the root of a lot of the weather switch consensus, and debate the strict Report's major findings.
The ebook is in 4 elements. Following an outline of the most concerns, the 1st half is a reassessment of the economics of weather switch. this can be basic to the remainder of the amount, and it comprises new fabric which matches way past what will be known as the hot traditional knowledge. the second one half seems to be on the geography of the prices and merits of weather swap - the very various views of Africa, China, the united states and Europe. those chapters supply a construction block to contemplating the customers for a brand new international contract - the very various pursuits that may must be reconciled at Copenhagen and past. The 3rd half appears at coverage tools on the international point (whereas a lot of the literature up to now is nationally and locally based). buying and selling and R&D function within the chapters, yet so too do extra radical unilateral innovations, together with geo-engineering. half 4 turns to the institutional structure - drawing on facts from prior makes an attempt in different components, in addition to proposals for brand new our bodies.
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Extra resources for The Economics and Politics of Climate Change
Example text
There may well be lots more resources to discover, notably in an increasingly ice-free Arctic Ocean, and then in Antarctica (as well as elsewhere). 11 Then there are many near substitutes which may be available, notably tar sands. Once these are included, Canada, for example, becomes one of the top three oil-reserve countries. These sources may be even more polluting than conventional ones. There is also lots of coal. A third possibility is a political implosion as part of a revolt against communism and authoritarian state power.
Since we are, by definition, on a business-as-usual path, the implication is that the current consumption path does not meet the sustainability criterion. By how much are we over-consuming? On the IPCC's analysis, the answer is: by the costs of reverting to the 450-550ppm path, adjusted first for the outward movement out of the supply function owing to man-made capital appreciation, human capital, and technical change over the same period, and adjusted second for other related and unrelated environmental damage.
Climate change is likely to be one such cost escalator, together with the related loss of habitat and biodiversity (some of which is caused by climate change, and some independently by population growth and other effects). Over the short run, these effects make little perceived difference; over the longer run, their effects can be profound. Hence, the assumed GDP growth may not materialize. It is at best a short-run indicator—and climate change is a long-run process. These considerations are important for two separate reasons: GDP may not be a proxy for the level of consumption that is consistent with a sustainability criterion—the prevention of the consumption possibilities of future generations falling below our own (non-decreasing utility over time); and the GDP measure of the costs of climate change which the Stern Report gives may be a significant underestimate, because climate change (and biodiversity loss and all the other environmental damage from economic activities) may lower the growth rate.