Climate Change. The need for a reset.
Steve and Phil talk through Toy Blair's paper on the need for a reset on climate change thinking.
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
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Show Notes
It’s clear to just about everyone that we won’t reach the climate targets set out in the Paris agreement. It was a pipe dream even before President Trump v2.0 came along. The various COP summits, which rely on agreement from everyone, are nothing more than gabfests. They are a COP-out. This was recognised in a paper this month from the Tony Blair Institute for Global Change, entitled ‘The Climate Paradox: Why We Need to Reset Action on Climate Change’.
There are some sound observations, says Steve, but it doesn’t go far enough. It doesn’t recognise is the mismatch between climate scientists and economists. Climate scientists believe global warming could ultimately be an extinction level event, he says, whereas economics see it having a relatively minor impact on GDP. The more we listen to the economists the more likely the climate scientists will be right.
There’s one positive takeout from the paper though. It recognises that we need breakthrough solutions. But that’s likely to come from high cost, high risk investment. Who is going to pay for that?
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