By Gernot Wagner, Martin L. Weitzman
Should you had a ten percentage likelihood of getting a deadly vehicle twist of fate, you'd take important precautions. in case your funds had a ten percentage likelihood of agony a serious loss, you'd reevaluate your resources. So if we all know the area is warming and there's a ten percentage likelihood this is able to finally bring about a disaster past whatever shall we think, why aren't we doing extra approximately weather swap without delay? We insure our lives opposed to an doubtful future--why no longer our planet?
In "Climate Shock," Gernot Wagner and Martin Weitzman discover in full of life, transparent phrases the most likely repercussions of a warmer planet, drawing on and increasing from paintings formerly unavailable to normal audiences. They convey that the longer we wait to behave, the much more likely an severe occasion will take place. A urban may possibly move underwater. A rogue country could shoot debris into the Earth's surroundings, geoengineering cooler temperatures. Zeroing in at the unknown severe hazards which can but dwarf all else, the authors examine how monetary forces that make good weather rules tricky to enact, make radical would-be fixes like geoengineering all of the extra possible. What we all know approximately weather switch is alarming adequate. What we don't learn about the intense hazards can be way more harmful. Wagner and Weitzman support readers take into account that we have to take into consideration weather switch within the related means that we predict approximately insurance--as a chance administration challenge, basically right here on a world scale.
Demonstrating that weather switch can and will be dealt with--and what may possibly ensue if we don't do so--"Climate Shock" tackles the defining environmental and public coverage factor of our time.
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Additional info for Climate Shock: The Economic Consequences of a Hotter Planet
We also won’t engage in the messy world of electricity grid reform, CAFE standards, and other policy measures that are very much necessary and also require sensible economic thinking. TOUGHER THAN ANYTHING THAT HAS COME BEFORE Instead, we’ll go back to basic economics and zero in on two topics that move us far beyond the standard debates. In particular, we’ll focus on the economics of uncertainty and geoengineering, two topics that are highly uncomfortable, highly charged, and central to understanding why climate change matters to all of us.
And that was just the beginning. In addition, Nixon went on to sign the Clean Air Act of 1970, the Clean Water Act in 1972, and the Endangered Species Act in 1973, to name just the major ones. S. Congress has acted boldly since, with large bipartisan majorities. George H. W. Bush signed into law the Clean Air Act Amendments of 1990. 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.
The trick is to get over the initial hump. ” California’s Solar Initiative is a good example of just such a policy: it subsidizes the installation of panels early on and pulls support back almost immediately. Independent analysis suggests that it has hit the mark. Not all subsidies are good. They often tend to be abused and misused. Once introduced, they tend to stick around long past their useful lifespan. The $500 billion global fossil fuel subsidies are a good example. There may well have been a good reason for them once—Â�long before the world woke up to the climate problem.