Conventional Climate Change Economics: A Way to Defne the Optimal Policy?

Jordi Roca Jusmet; Emilio Padilla

doi:10.1007/978-3-031-22566-6_28

Conventional Climate Change Economics: A Way to Defne the Optimal Policy?

Research output: Chapter in Book › Chapter › Research › peer-review

Abstract

The application of cost-benefit logic to climate change has been popularized as "the economics of climate change." The Dynamic Integrated Climate-Economy (DICE) model of William Nordhaus, which models the interrelations between the economy and climate change and indicates the "optimal" path of emission mitigation, recommends moderate action to limit warming to 3.5 °C. This is in contrast to a recent report from the Intergovernmental Panel on Climate Change (IPCC), which urges to limit it to 1.5 °C. The analyses à la Nordhaus contain several questionable assumptions, choices of methods, and parameters that are based on the value judgments of the authors, and these determine their results. The economic analysis of climate change policies should incorporate the precautionary principle and a concern for sustainability and environmental justice.

Original language	English
Title of host publication	The Barcelona School of Ecological Economics and Political Ecology. A Companion in Honour of Joan Martinez-Alier
Place of Publication	Cham, Switzerland :
Publisher	Springer, Cham
Pages	327-334
Number of pages	8
Edition	2023
ISBN (Electronic)	978-3-031-22566-6
ISBN (Print)	978-3-031-22566-6
DOIs	https://doi.org/10.1007/978-3-031-22566-6_28
Publication status	Published - 1 Mar 2023

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1007/978-3-031-22566-6_28

https://ddd.uab.cat/record/274625

Cite this

@inbook{8928527d3c9b487092b73726d1d1d5a5,

title = "Conventional Climate Change Economics: A Way to Defne the Optimal Policy?",

abstract = "The application of cost-benefit logic to climate change has been popularized as {"}the economics of climate change.{"} The Dynamic Integrated Climate-Economy (DICE) model of William Nordhaus, which models the interrelations between the economy and climate change and indicates the {"}optimal{"} path of emission mitigation, recommends moderate action to limit warming to 3.5 °C. This is in contrast to a recent report from the Intergovernmental Panel on Climate Change (IPCC), which urges to limit it to 1.5 °C. The analyses {\`a} la Nordhaus contain several questionable assumptions, choices of methods, and parameters that are based on the value judgments of the authors, and these determine their results. The economic analysis of climate change policies should incorporate the precautionary principle and a concern for sustainability and environmental justice.",

author = "{Roca Jusmet}, Jordi and Emilio Padilla",

year = "2023",

month = mar,

day = "1",

doi = "10.1007/978-3-031-22566-6_28",

language = "English",

isbn = "978-3-031-22566-6",

pages = "327--334",

booktitle = "The Barcelona School of Ecological Economics and Political Ecology. A Companion in Honour of Joan Martinez-Alier",

publisher = "Springer, Cham",

address = "United States",

edition = "2023",

}

TY - CHAP

T1 - Conventional Climate Change Economics

T2 - A Way to Defne the Optimal Policy?

AU - Roca Jusmet, Jordi

AU - Padilla, Emilio

PY - 2023/3/1

Y1 - 2023/3/1

N2 - The application of cost-benefit logic to climate change has been popularized as "the economics of climate change." The Dynamic Integrated Climate-Economy (DICE) model of William Nordhaus, which models the interrelations between the economy and climate change and indicates the "optimal" path of emission mitigation, recommends moderate action to limit warming to 3.5 °C. This is in contrast to a recent report from the Intergovernmental Panel on Climate Change (IPCC), which urges to limit it to 1.5 °C. The analyses à la Nordhaus contain several questionable assumptions, choices of methods, and parameters that are based on the value judgments of the authors, and these determine their results. The economic analysis of climate change policies should incorporate the precautionary principle and a concern for sustainability and environmental justice.

AB - The application of cost-benefit logic to climate change has been popularized as "the economics of climate change." The Dynamic Integrated Climate-Economy (DICE) model of William Nordhaus, which models the interrelations between the economy and climate change and indicates the "optimal" path of emission mitigation, recommends moderate action to limit warming to 3.5 °C. This is in contrast to a recent report from the Intergovernmental Panel on Climate Change (IPCC), which urges to limit it to 1.5 °C. The analyses à la Nordhaus contain several questionable assumptions, choices of methods, and parameters that are based on the value judgments of the authors, and these determine their results. The economic analysis of climate change policies should incorporate the precautionary principle and a concern for sustainability and environmental justice.

UR - https://portalrecerca.uab.cat/en/publications/8928527d-3c9b-4870-92b7-3726d1d1d5a5

U2 - 10.1007/978-3-031-22566-6_28

DO - 10.1007/978-3-031-22566-6_28

M3 - Chapter

SN - 978-3-031-22566-6

SP - 327

EP - 334

BT - The Barcelona School of Ecological Economics and Political Ecology. A Companion in Honour of Joan Martinez-Alier

PB - Springer, Cham

CY - Cham, Switzerland :

ER -

Conventional Climate Change Economics: A Way to Defne the Optimal Policy?

Abstract

UN SDGs

Access to Document

Other files and links

Fingerprint

Cite this