Richard Tol, 23 November 2009

Climate change will have widespread negative effects of uncertain magnitude. But this column argues that climate change is not humanity’s biggest challenge and needs to be solved without impeding economic development. It calls for a measured policy of greenhouse gas emission reduction.

Robert Stavins, Judson Jaffe, Todd Schatzki, 03 January 2008

The possibility of “no cost” emission reductions has been raised by research on California’s Global Warming Solutions Act of 2006. Here is a more sober assessment. Overly optimistic findings leave policymakers with inadequate appreciation of the stakes, and provide little insight into the relative cost of policy design alternatives.

Hans-Werner Sinn, 31 October 2007

EU leaders don’t determine the pace of climate change. Demand reduction by some consumers only lowers fossil fuel consumption to the degree that resource owners decide to curtail their supply. Ultimately, the volume of fossil fuel burnt globally depends upon the rate of extraction and this is in the hands of oil producers who care about carbon’s intertemporal price path. Policies aimed at lowering carbon demand without concern for the price path of carbon may backfire.

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