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Three prongs for prudent climate policy
Author(s) -
Aldy Joseph E.,
Zeckhauser Richard
Publication year - 2020
Publication title -
southern economic journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.762
H-Index - 58
eISSN - 2325-8012
pISSN - 0038-4038
DOI - 10.1002/soej.12433
Subject(s) - greenhouse gas , damages , climate change mitigation , climate change , incentive , limiting , climate policy , natural resource economics , global warming , united nations framework convention on climate change , environmental economics , environmental resource management , environmental science , business , economics , political science , engineering , kyoto protocol , law , mechanical engineering , ecology , biology , microeconomics
For three decades, advocates for climate change policy have simultaneously emphasized the urgency of taking ambitious actions to mitigate greenhouse gas (GHG) emissions and provided false reassurances of the feasibility of doing so. The policy prescription has relied almost exclusively on a single approach: reduce emissions of carbon dioxide (CO 2 ) and other GHGs. Since 1990, global CO 2 emissions have increased 60%, atmospheric CO 2 concentrations have raced past 400 ppm, and temperatures increased at an accelerating rate. The one‐prong strategy has not worked. After reviewing emission mitigation's poor performance and low‐probability of delivering on long‐term climate goals, we advance a three‐pronged strategy for mitigating climate change risks: adding adaptation and amelioration—through solar radiation management (SRM)—to the emission mitigation approach. We highlight SRM's potential, at dramatically lower cost than emission mitigation, to play a key role in offsetting warming. We address the moral hazard reservation held by environmental advocates—that SRM would diminish emission mitigation incentives—and posit that SRM deployment might even serve as an “awful action alert” that galvanizes more ambitious emission mitigation. We conclude by emphasizing the value of an iterative act‐learn‐act policy framework that engages all three prongs for limiting climate change damages.