Coping with the Climate Crisis

Mitigation Policies and Global Coordination

Rabah Arezki, Patrick Bolton, Karim El Aynaoui, Maurice Obstfeld

Columbia University Press

Coping with the Climate Crisis

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Pub Date: July 2018

ISBN: 9780231187565

232 Pages

Format: Hardcover

List Price: $60.00£47.00

Pub Date: July 2018

ISBN: 9780231547352

232 Pages

Format: E-book

List Price: $59.99£47.00

Coping with the Climate Crisis

Mitigation Policies and Global Coordination

Rabah Arezki, Patrick Bolton, Karim El Aynaoui, Maurice Obstfeld

Columbia University Press

Reducing carbon emissions is the most complex political and economic problem humanity has ever confronted. Coping with the Climate Crisis brings together leading experts from academia and policy circles to explore issues related to the implementation of the COP21 Paris Agreement and the challenges of accelerating the transition toward sustainable development.

The book synthesizes the key insights that emerge from the latest research in climate-change economics in an accessible and useful guide for policy makers and researchers. Contributors consider a wide range of issues, including the economic implications and realities of shifting away from fossil fuels, the role of financial markets in incentivizing development and construction of sustainable infrastructure, the challenges of evaluating the well-being of future generations, the risk associated with uncertainty surrounding the pace of climate change, and how to make climate agreements enforceable. They demonstrate the need for a carbon tax, considering the issues of efficiently pricing carbon as well as the role of supply-side policies on fossil fuels. Through a range of perspectives from academic economists and practitioners in the public and private sectors who work either at the country level or under the auspices of multilateral organizations, Coping with the Climate Crisis outlines what it will take to achieve a viable, global climate-stabilization path.
The Paris Agreement will only find its way into the history books if we manage to implement it. Coping with the Climate Crisis looks at precisely that topic, making the latest economic research on climate change user friendly for policy makers.Klaas Knot, president, De Nederlandsche Bank
Whether you believe in the science or not or care about future generations or not, climate change is already affecting your welfare. Coping with the Climate Crisis demonstrates that the world is moving rapidly from identifying climate-change problems to implementing solutions. The authors articulate how our economies must evolve and our institutions strengthen in resolve and focus. A must-read for all consumers, investors, businesses, and policy makers globally—skeptical or otherwise.Adrian Orr, governor, Reserve Bank of New Zealand, and CEO, New Zealand Superannuation Fund
Bringing together contributions from some of the world's foremost economic practitioners and theorists, this accessible book will be useful to both policy makers and academics wishing to understand the frontier of climate change economics and the possible future of climate policy around the globe.Ben Groom, London School of Economics
Foreword, by Nizar Baraka, President of the Scientific Committee of COP22
Acknowledgments
Introduction, by Rabah Arezki, Patrick Bolton, Karim El Aynaoui, and Maurice Obstfeld
Part I: The Energy Transition and Its Consequences
1. Reducing Energy Greenhouse Gas Emissions to Meet Our Climate Goals: An Overview, by Philippe Benoit
2. Transitional Risks and the Safe Carbon Budget, by Rick van der Ploeg
Part II: Carbon Pricing and Dealing with Uncertainty
3. Fighting Climate Change and the Social Cost of Carbon, by Christian Gollier
4. How Should Countries Price Fossil Fuels?, by Ian Parry
5. Should Carbon Pricing Be Different Across Countries?, by Katheline Schubert
6. Needed: Robustness in Climate Economics, by Ted Loch-Temzelides
Part III: Implementing Climate Agreements
7. Improving Paris: Credibility, Technology, and Conservation, by Bård Harstad
8. Can a Uniform Carbon-Price Commitment Help to Resolve the Global Warming Problem?, by Martin L. Weitzman
9. Addressing Climate Change: Does the IMF Have a Role?, by Maurice Obstfeld
10. Post-Paris Clean Energy Options for China, by Ujjayant Chakravorty, Carolyn Fischer, and Marie-Helene Hubert
Part IV: Finance and Sustainable Infrastructure
11. Financing Sustainable Infrastructure, by Thierry Déau and Julien Touati
12. Climate Change: A Policy-Making Case Study of Capital Markets’Mobilization for Public Good, by Jean Boissinot and Frédéric Samama
Contributors
Index

About the Author

Rabah Arezki is the chief economist of the World Bank’s Middle East and North Africa Region and a senior fellow at Harvard’s Kennedy School of Government. He was the chief of the commodities unit in the IMF’s research department. He has written on energy, commodities, development, and international economics.

Patrick Bolton is the Barbara and David Zalaznick Professor of Business at Columbia University. His books include Contract Theory (2005) and Sovereign Wealth Funds and Long-Term Investing (Columbia, 2011).

Karim El Aynaoui is dean of the Faculty of Economics and Social Sciences of the Mohammed VI Polytechnic University. He is also managing director of OCP Policy Center.

Maurice Obstfeld is economic counselor and director of research at the International Monetary Fund and Class of 1958 Professor of Economics at the University of California, Berkeley. He was a member of President Obama’s Council of Economic Advisers and is coauthor of International Economics (11th edition, 2018) and Foundations of International Macroeconomics (1996).