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"Must-read: The fossil fuel industry and broader climate change counter-movement have also made frequent use of economic arguments to justify inaction and made substantial investments in influential climate economics programs across the US."
"Must-read: The fossil fuel industry and broader climate change counter-movement have also made frequent use of economic arguments to justify inaction and made substantial investments in influential climate economics programs across the US."
Thus, as pressure grew in the late 1980s to prevent severe global warming, it may not be surprising that the fossil fuel industry turned to economists to help influence public policy. Important among these economists were those at Charles River Associates, a US-based consulting firm that played a key role in weakening, delaying, or defeating a wide range of climate policies over the following years, including US carbon pricing proposals and international climate agreements. These economic consultants helped convince the public and policymakers that climate policy would be costly, global warming would be relatively unimportant, and there would be little harm in delaying action. Their work was paid for by the fossil fuel industry, a fact often concealed from the public, and their methodologies were incomplete in favor of the industry. Yet their results were only occasionally challenged and eventually formed a significant part of conventional economic thinking.2 The history of Charles River Associates illustrates how the fossil fuel industry has used biased economic analyses to weaken and defeat climate policy and highlights the need for greater attention on the role of economists and economic paradigms, doctrines, and models in climate policy delay.
Thus, as pressure grew in the late 1980s to prevent severe global warming, it may not be surprising that the fossil fuel industry turned to economists to help influence public policy. Important among these economists were those at Charles River Associates, a US-based consulting firm that played a key role in weakening, delaying, or defeating a wide range of climate policies over the following years, including US carbon pricing proposals and international climate agreements. These economic consultants helped convince the public and policymakers that climate policy would be costly, global warming would be relatively unimportant, and there would be little harm in delaying action. Their work was paid for by the fossil fuel industry, a fact often concealed from the public, and their methodologies were incomplete in favor of the industry. Yet their results were only occasionally challenged and eventually formed a significant part of conventional economic thinking.2 The history of Charles River Associates illustrates how the fossil fuel industry has used biased economic analyses to weaken and defeat climate policy and highlights the need for greater attention on the role of economists and economic paradigms, doctrines, and models in climate policy delay.
What bothers me is that our analysis just talked about the costs; we didn’t talk about the whole problem of global warming. There are also consequences to doing nothing about climate change. In fact, it looks more and more like there are serious potential consequences of doing nothing. I believe we conducted sound economic analyses of the costs of reducing emissions … but I regret not being in a position where I could tell what I feel is the whole story.
What bothers me is that our analysis just talked about the costs; we didn’t talk about the whole problem of global warming. There are also consequences to doing nothing about climate change. In fact, it looks more and more like there are serious potential consequences of doing nothing. I believe we conducted sound economic analyses of the costs of reducing emissions … but I regret not being in a position where I could tell what I feel is the whole story.
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