The Blind Side of Climate Change Economics

by Rachel Ashton Lim

How accurate are the Intergovernmental Panel on Climate Change’s (IPCC) economic estimates of Climate Change-induced damage? A post-Paris agreement review of its Fifth Assessment Report (Stern, 2016) calls for an imperative revision to its economic model. The review’s main suggestion is for the social science to become better integrated with the natural sciences in order to accurately evaluate the economic consequences of Climate Change, which are direr than is currently estimated. However, the review also suggests that the benefits of transitioning to low-carbon growth are underestimated in the report and must be evaluated more holistically. Combined, these two factors will enable the public, private and non-profit sectors to make decisions that will drive the world into the net-zero carbon economy it must achieve within this century. Continue reading

The Blind Side of Climate Change Economics

by Rachel Ashton Lim

How accurate are the Intergovernmental Panel on Climate Change’s (IPCC) economic estimates of Climate Change-induced damage? A post-Paris agreement review of its Fifth Assessment Report (Stern, 2016) calls for an imperative revision to its economic model. The review’s main suggestion is for the social science to become better integrated with the natural sciences in order to accurately evaluate the economic consequences of Climate Change, which are drier than is currently estimated. However, the review also suggests that the benefits of transitioning to low-carbon growth are underestimated in the report and must be evaluated more holistically. Combined, these two factors will enable the public, private and non-profit sectors to make decisions that will drive the world into the net-zero carbon economy it must achieve within this century. Continue reading