Climate Policy and the Art of the Possible
The Milken Review, Forthcoming
15 Pages Posted: 28 Apr 2009
Date Written: April 24, 2009
Abstract
There is widespread agreement that climate change is a serious problem. If nations fail to regulate greenhouse gases that contribute to global warming, or use alternative strategies for addressing the problem, the damages could be significant, and perhaps catastrophic. In this essay, I argue that the range of effective options to address this problem is likely to be quite limited for the foreseeable future.
This observation does not mean that we should do nothing. It does mean that we should focus on what is likely to be sensible and doable. It makes sense for interested countries to take some action now to limit greenhouse gas emissions, including putting a price on emissions. It also makes sense to focus on research and development - including how best to adapt to climate change, improve our understanding of geoengineeing, and improve the cost effectiveness of carbon capture and storage for coal burning power plants. In addition, countries should continue to experiment with institutions that will be needed to manage a portfolio of solutions for addressing climate change over the longer term. I also note the absence of key political leadership in this area and suggest what is needed.
JEL Classification: I18, L51
Suggested Citation: Suggested Citation