Competitive Enterprise Institute | 1899 L ST NW Floor 12, Washington, DC 20036 | Phone: 202-331-1010 | Fax: 202-331-0640
Sir, Christopher Booker is correct when he talks about global
warming policy as an economic suicide note. Yale economist William
Nordhaus recently estimated the full costs of unchecked global warming
of 3C at about $22 trillion. That’s a lot of money, although it
reflects all the assumptions of the global warming alarmists, which Mr
Booker rightly questions.
Yet the costs of global warming
policies are even greater. For instance, Lord Stern’s proposed approach
would reduce those costs to $9 trillion, but at a cost of $26 trillion,
for a total cost of $35 trillion. Al Gore’s policies, which Mr Obama
seems to want to adopt, would reduce warming costs to $10 trillion, but
at a policy cost of $34 trillion. Mr Gore’s policies would cost the
world $44 trillion in total, twice the cost of unchecked global warming.
If global warming is indeed a disaster, what do we call the Gore-Obama policies?
Iain Murray, Competitive Enterprise Institute, Washington DC