Climate Shock: The Economic Consequences of a Hotter Planet by Gernot Wagner, Martin L. Weitzman

By Gernot Wagner, Martin L. Weitzman

In case you had a ten percentage likelihood of getting a deadly vehicle twist of fate, you'd take helpful precautions. in case your funds had a ten percentage probability of pain a critical loss, you'd reevaluate your resources. So if we all know the realm is warming and there's a ten percentage probability this is able to finally result in a disaster past something lets think, why aren't we doing extra approximately weather swap at once? We insure our lives opposed to an doubtful future--why no longer our planet?
In "Climate Shock," Gernot Wagner and Martin Weitzman discover in vigorous, transparent phrases the most probably repercussions of a warmer planet, drawing on and increasing from paintings formerly unavailable to common audiences. They exhibit that the longer we wait to behave, the much more likely an severe occasion will take place. A urban may cross underwater. A rogue state may shoot debris into the Earth's surroundings, geoengineering cooler temperatures. Zeroing in at the unknown severe dangers that could but dwarf all else, the authors examine how financial forces that make good weather rules tough to enact, make radical would-be fixes like geoengineering the entire extra possible. What we all know approximately weather switch is alarming adequate. What we don't find out about the extraordinary dangers will be way more harmful. Wagner and Weitzman support readers keep in mind that we have to take into consideration weather swap within the similar method that we expect approximately insurance--as a hazard administration challenge, merely the following on an international scale.
Demonstrating that weather switch can and may be dealt with--and what might occur if we don't do so--"Climate Shock" tackles the defining environmental and public coverage factor of our time.

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Among others, they led to measures that slashed the pollution that causes acid rain. All of that applies to local pollutants: the mercury knocking a few points off your kids’ IQ, the soot causing them to develop early asthma, the smog making their eyes water and killing their grandparents early, and the toxins in water making it unsafe for anyone to drink. You see, smell, or feel the problem. You petition your government. It reacts. Problem solved. In reality, it is, of course, much messier than this simple chain would suggest.

Counting other greenhouse gases, the International Energy Agency (IEA) estimates that the world will end up two-Â� and-Â� a-Â� half somewhere around 700 ppm by 2100—Â� unless major emitters take times preindustrial levels—Â� drastic additional steps. Luckily, Arrhenius’s climate sensitivity range of 5–Â� 6°C (9–Â�11°F) has proven to be too pessimistic. 7°F). “Conclude” may be a bit strong a term to use here. 4°F), and added half a degree centigrade on either end to round out the range because, well, uncertainty.

Negotiating a uniform, global tax can achieve something 26â•…•â•…Chapter 1 close to the global optimal outcome. That, of course, says nothing yet about the politics, which once again are the biggest hurdle. For now, just remember that, in theory and practice, both taxes and cap-Â�and-Â�trade systems implement Pigou’s vision that polluters pay when they are doing the polluting and, hence, will pollute less. We, together with most economists, would be fine with either carbon taxes or caps, done correctly.

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