Highlighted Article: “Off Target”: Bad Economics of the Climate Crusade (mitigation not supported by mainstream analysis)

From: Master Resource

By: Robert Bradley Jr.

Date: July 30, 2021

“Off Target”: Bad Economics of the Climate Crusade (mitigation not supported by mainstream analysis)

“Although advocacy of aggressive climate-change policies is often draped with the mantle of science, mainstream economists who follow the scientific literature have shown that the popular 1.5°C policy target will pose costs that far exceed the benefits, and that the emission reductions flowing from strict adherence to the 1.5°C target would be worse for the world than doing nothing at all.” (Murphy and McKitrick, below)

Adaptation, not mitigation, has long been the answer of climate economics for climate policy. In fact, at lower climate sensitivity estimates, carbon dioxide (CO2) emissions are thought to be a positive externality, in the jargon of economics, not a negative requiring government correction.

A new study by Robert P. Murphy and Ross McKitrick, Off Target: The Economics Literature Does Not Support the 1.5C Climate Ceiling, explains this to professional economists and the climate intelligentia alike. Released by the Fraser Institute (Canada), their short-and-sweet study uses the peer-reviewed literature to undermine a key assumption/goal of the United Nations Climate Conference of Parties (COP26), which is set for November in Glasgow, UK." ...

“Off Target”: Bad Economics of the Climate Crusade (mitigation not supported by mainstream analysis)