![]() ![]() Morgan Stanley, Goldman Sachs, and other firms took stakes in wind farms and tidal-energy projects, and set up carbon-trading desks. Investing in climate change used to mean putting money into efforts to stop global warming. ![]() In contrast to the near certainty of climate science predictions, Pindyck said the economics of climate change is not well charted and that the case for aggressive climate policy relies on assumptions not supported by consensus.īloomberg Businessweek explores how firms are adapting to a future climate: In delivering a keynote address to a large group of economists this summer, Harvard’s Marty Weitzman described climate change as a hellish problem that is pushing the bounds of economics.Ī year earlier, addressing an annual meeting of environmental economists, MIT professor Robert Pindyck suggested there was no strong economic argument for costly, stringent policies to halt expected warming. With human culpability all but certain and the potential for warming by 4.5☌ in 100 years, economists can’t decide what should be done about it, or even whether any substantial effort should be undertaken to stop it. The world’s scientists affirmed last week their increasing certainty-95% confidence-that humans are causing global warming by emitting greenhouse gases. ![]() The Science May Be Settled, But the Economics Isn’t ![]()
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