Product Description

Within only a few years, global warming has emerged from scientific speculation into an environmental threat of worldwide concern. Yet the scientific community remains uncertain as to the long-term trends and effects of climate change, and this uncertainty has been seized on as justification for inaction by an international community reluctant to bear the costs of policies to reduce greenhouse gas emissions. "Valuing Climate Change" presents concrete, economic evidence of the need for action. Fankhauser assesses the costs of a doubling of GHG emissions to be a significant percentage of gross world product; a figure which he then compares to the costs of reducing emissions. In his comparison, he looks at regional as well as global estimates of damage, and takes account of the non-climate change benefits of GHG reductions, such as a switch in the energy sector to cleaner technologies or renewable fuels, and the impacts on transport, with reduced congestion and improved air quality. It is clear that the stakes are high, and Fankhauser believes that tougher targets may be needed than those set out in the Framework Convention on Climate Change. He assesses the optimum policy responses to GHG reduction, the likely instruments for achieving it and the potential for international cooperation in dealing with the problems. This is a major contribution to the rapidly changing debate on global warming.

Product Details

• Published on: 1995-03
• Original language: English
• Binding: Paperback
• 176 pages

Customer Reviews

Economics of global warming made accessible
Samuel Fankhauser is among the top few economists research the economic effects of climate change. "Valuing Climate Change: the Economics of the Greenhouse" provides a detailed assessment of Fankhauser's work in this area. Whether you are new to this topic or looking to supplement other works in this area, I reccomend that you pick up a copy of this book.

In "Valuing Climate Change," Fankhauser provides a fine description of some of the potential costs of global warming, including agricultural losses, coastal threats due to rising sea level, increased energy costs, health impacts, etc. His text decribes the problems in clear, understandable language, and is supplemented with charts, graphs, and tables for those with a more graphically-oriented minds. Fankhauser then outlines his model for estimating costs, presents his results, and uses the results for a cost-benefit analysis of some of the options available to policymakers.

As a side note, Fankhauser's methodical approach to this work, clearly and concisely written, makes this book a good choice for those wanting to gain an understanding of the basics process of statistical modelling. It is neither overly technical (although additional technical detail can be found in the appendicies) nor overly vague with respect to Fankhauser's methods and data.

As a first selection for those seeking to explore at a scholarly, academic level the topic of economic costs of global warming, I would reccomend William Nordhaus' "Warming the World," which is more current and more rigorous in its analysis. (Both books arrive at qualitatively similar conclusions that efficient abatement policies provide net positive effects and need not be too expensive.) As a supplement, or to those who wish to benefit from Fankhauser's more accessible writing and increased attention to political aspects (e.g., cooperative vs. non-cooperative equilibria), "Valuing Climate Change" is a good choice.