Pilita Clark, environment correspondent for the Financial Times, reviews a book on the economic consequences of climate change, and possible responses to it.
The correct economic solution [for global warming] has been well understood for years, they [Wagner and Weitzman] argue: stop subsidising fossil fuels by about $15 a ton of C02 globally, and create a price of at least $40 a ton. But Climate Shock advises economists to stop demanding a global carbon price and start working on more politically possible solutions, such as fuel economy standards. That sounds dull compared with geoengineering. But it is also infinitely safer.
This is not a book for people deeply versed in climate policy, few of whom will find its contents remotely shocking. For the intelligent lay reader wanting a lively, lucid assessment of the economic consequences of global warming, however, it is well worth reading.
Pilita Clark, “‘Climate Shock: The Economic Consequences of a Hotter Planet’, by Gernot Wagner and Martin Weitzman“, Financial Times, 30 March 2015.
The first chapter of the book, published recently by Princeton University Press, can be viewed here.