Sublime

politicians like to deal in noble-sounding aspirational vows that have delivery dates far into the future.

policy-driven adaptation should be planned on the basis of climate change damages net of market adjustments.

measure the economic cost of climate change in terms of a reduction in welfare below its reference level.

most studies put the total WTP for nature conservation at substantially less than 1% of income

total cost studies

Rent seeking usually ends up consuming resources and leaving society as a whole worse off

an overall CH4 leakage of around 1.4%,

Ethical conjectures are notoriously resistant to empirical falsification, and this chapter will not attempt to join this debate.

The ultimate question that interests policy makers is how to reduce the climate change vulnerability of socioeconomic systems in the most cost-effective way. This objective can be achieved with both mitigation and adaptation.