Climate Policy and the Art of the Possible

The Milken Review, Forthcoming

15 Pages Posted: 28 Apr 2009

See all articles by Robert W. Hahn

Robert W. Hahn

Technology Policy Institute; University of Oxford, Smith School

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

Hahn, Robert W., Climate Policy and the Art of the Possible (April 24, 2009). The Milken Review, Forthcoming, Available at SSRN: https://ssrn.com/abstract=1394739

Robert W. Hahn (Contact Author)

Technology Policy Institute ( email )

1401 Eye St. NW
Suite 505
Washington, DC 20005
United States

University of Oxford, Smith School ( email )

Oxford
United Kingdom

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
80
Abstract Views
647
Rank
551,501
PlumX Metrics