By Gernot Wagner, Martin L. Weitzman
In case you had a ten percentage probability of getting a deadly automobile coincidence, you'd take worthwhile precautions. in case your funds had a ten percentage likelihood of soreness 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 bring about a disaster past whatever lets think, why aren't we doing extra approximately weather swap straight away? We insure our lives opposed to an doubtful future--why now not our planet?
In "Climate Shock," Gernot Wagner and Martin Weitzman discover in full of life, 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 ensue. A urban may perhaps cross underwater. A rogue state may well shoot debris into the Earth's surroundings, geoengineering cooler temperatures. Zeroing in at the unknown severe dangers which may but dwarf all else, the authors examine how fiscal forces that make brilliant weather rules tough to enact, make radical would-be fixes like geoengineering all of the extra possible. What we all know approximately weather switch is alarming sufficient. What we don't learn about the extraordinary dangers can be way more harmful. Wagner and Weitzman aid readers take into account that we have to take into consideration weather swap within the comparable manner that we predict approximately insurance--as a danger administration challenge, simply right here on an international scale.
Demonstrating that weather switch can and will be dealt with--and what might 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
Sure, but we aren’t talking about price spikes here. If anything, we’d expect prices that are much lower than expected because industry tends to have ways to innovate its way to lower compliance costs than previously assumed. Taxes allow for other measures like Corporate Average Fuel Economy (CAFE) standards to show their effect. Under a cap, these types of overlapping regulations may only shift emissions but not actually reduce them. Fair enough. But that only shows the importance of getting a cap in the first place.
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. ” By comparison, the world has just passed 400 ppm for carbon dioxide, somewhere between 440 and 480 ppm when counting all other greenhouse gases measured under the Kyoto Protocol. Unless we see a dramatic turnaround in global emissions, the tub will be filling up further for quite a while.
Some pollution problems go away because the one company holding the patents for the offending pollutants invents an environmentally friendly replacement, and even then it takes concerted government action (see “Protocol, Montreal”). Some pollution problems don’t ever seem to go away (see “Protocol, Kyoto”). But sitting around waiting for a breakthrough is hoping for the best. We need to prepare for the worst. In fact, we can do a lot better than praying for salvation. Both the problem and the solution are staring us in the face.