The economics of climate change

April’s issue of the Investigate Magazine devotes four editorial/opinion pices to climate change. Most of it can be labbled “climate change denial” but Mark Steyn has a very good point when he points out that the Kyoto protocol, if America ratified, would cut global tempuratures by an insignificent 0.07 degrees in 2050, at a cost of $97 billon to $397 billon to the US economy by 2010. Thats expensive. This $97 to $397 should be compared to the costs to the U.S economy (including social costs and cost of settling “climate change refugees”) of a 0.07 degree rise in global tempurature. That should decide whether or not to ratify. Although I agree climate change is a serious problem, measures to reduce it should face the same cost-benefit analysis that any other project would.

Having said that, there are ways to reduce climate Change cheaply. In that same Investigate, Mirinda Devine points out that the Average Australian household could save half a tonne of greenhouse gases a year by washing clothes in cold water instead of hot water, and it would save most people money on their power bill. Buying a more efficient fridge would save the average Australian 2 tonnes per year, and the cost of the new fridge can be made up for by savings over time from a lower power bill. There may be plenty of better ways to fight climate change than Kyoto

Explore posts in the same categories: Climate change

One Comment on “The economics of climate change”

  1. Debt Negotiation…

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