By Gernot Wagner, Martin L. Weitzman
If you happen to had a ten percentage probability of getting a deadly automobile twist of fate, you'd take important precautions. in case your funds had a ten percentage probability of discomfort 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 may 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 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 basic audiences. They convey that the longer we wait to behave, the much more likely an severe occasion will ensue. A urban may possibly cross underwater. A rogue country may perhaps 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 financial forces that make good weather regulations tough to enact, make radical would-be fixes like geoengineering all of the extra possible. What we all know approximately weather swap is alarming sufficient. What we don't learn about the intense dangers may be way more harmful. Wagner and Weitzman support readers remember the fact that we have to take into consideration weather swap within the similar method that we expect approximately insurance--as a probability administration challenge, in simple terms right here on a world scale.
Demonstrating that weather switch can and will be dealt with--and what may possibly occur if we don't do so--"Climate Shock" tackles the defining environmental and public coverage factor of our time.
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Additional resources for Climate Shock: The Economic Consequences of a Hotter Planet
CHAPTER 3 Fat Tails I n 1995,the Intergovernmental Panel on Climate Change (IPCC) declared it was “more likely than not” the case that global warming was caused by human activity. ” The big question is how certain the world needs to be to act in a way that is commensurate with the magnitude of the challenge. An equally important question is whether all this talk of certainty is conveying what it ought to convey. The increasing likelihood of anthropogenic climate change has three sides to it. Only one of them is good.
The costs are large—Â�at least $40 per ton emitted—Â�but those doing the 38â•…•â•…Chapter 2 polluting aren’t paying for it directly. ) FREE DRIVERS Carbon dioxide is the problem. Pricing it properly is the solution. ” That’s the Oxford English Dictionary’s definition of geoengineering, and it’s as good as any. Some include various attempts at taking carbon dioxide out of the atmosphere. We don’t. Instead, when you hear “geoengineering,” think about something closer to a volcanic eruption: shooting sulfur dioxide (and, in the case of volcanoes, lots of other gunk) into the stratosphere to reflect sunlight and lower temperatures.
CHANGE, DIRECTED TECHNICAL Putting the first solar panel on a roof takes time and money. The millionth is quick and cheap. 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.