The estimation of SCC is fraught with uncertainties in estimating (a) the emissions paths that are likely in the future as that depends on future policy and technology, (b) the parameters that map emissions to climate change, (c) the translation of climate change into physical and economic damage, (d) the choice of the appropriate discount rate. Changing some of these assumptions or introducing something like ecosystem services that are not substitutable with man-made capital changes the policy recommendations radically.
I must regrettably announce that, despite my best intentions not to, I will be flying this year. I had initially planned to take the train through Europe to Oxford, but alas, the virus thought otherwise. But given the negative impact that flying has on the environment, what should one reasonably pay for a flight in …
Total world debt was $253 trillion in the third quarter of 2019. Our economy is like a house of cards built using money created by debt. The house of cards has allowed us to reach previously unimaginable heights, albeit with money we don’t have. But at what cost?
By contrasting “what is” with “what ought to be”, one can soon uncover the grim reality that, based on the available evidence we have, “More from Less” is far from enough.