The Economics of Climate Change
By Noam Chomsky
Last June, a group of MIT scientists released the results of what they describe as the most comprehensive modeling of how much hotter the Earth’s climate will get in this century. It shows that “without rapid and massive action, the problem will be about twice as severe as previously estimated” a couple of years ago. It could be even worse than that because their model does not fully incorporate positive feedbacks that can occur, such as the melting of permafrost in the Arctic regions caused by the increased temperature. It will release huge amounts of methane, which is worse than carbon dioxide.
“There’s no way the world can or should take these risks,” says the lead scientist on the project. “The least-cost option to lower the risk is to start now and steadily transform the global energy system over the coming decades to low or zero greenhouse gas-emitting technologies.”
At present there’s very little sign of that happening. Furthermore, while new technologies are essential, the problems go well beyond that. In fact, they go beyond the current technical debates in Congress about how to work out cap-and-trade devices. We have to face something more far-reaching—the need to reverse the huge state-corporate and social engineering projects of the post-Second World War period, which very consciously promoted an energy-wasting and environmentally destructive fossil fuel economy.