Climate Change Demands We Change. Why Aren’t We?: An Economic Perspective

Despite the dire warnings of impending doom from climate change, very little mitigation has yet to take place. This can partly be explained by the public-good nature of greenhouse gases where the costs are borne heavily by each emitting nation but the benefits are shared by the world. But the lack of action also is due to the high cost of mitigation and the long delayed and relatively low benefits. Stringent mitigation policies are not justified. Unable to discuss more moderate solutions, the world is reluctant to act at all.