This book explores the interconnected issues of climate and development, laying the groundwork for just such a new deal. It presents a challenging agenda, and highlights the needs and perspectives of developing countries which may be unfamiliar or uncomfortable to readers in high-income countries. The unfortunate truth is that any large country, or group of mid-sized countries, can veto any global climate solution by refusing to participate, so a solution will only work if it works for everyone.
The book offers scholars working on climate change, international relations, and environmental politics an analysis characterized by both theoretical soundness and empirical richness. The comprehensiveness of the book’s approach should make it possible to plan and implement international adaptation funding more effectively, and eventually to define more just funding policies and practices.
Three abatement cost functions are used for calculating the resulting abatement costs: a model based on McKinsey & Co. estimates for 2030; the Nordhaus RICE model cost functions; and a set of summary cost regressions calculated from the Stanford Energy Modeling Forum (EMF-22) survey of abatement models. It is found that abatement costs should be moderate, reaching about one-fourth to two-thirds of one percent of GDP by 2030 and 1 to 2 percent of GDP by 2050. Costs can be reduced by international trading, but by less than generally perceived. A more ambitious early start on abatement than pledged at Copenhagen could reduce full-period costs. The study calculates corresponding magnitudes of investment for abatement as well as adaptation costs for developing countries, and identifies a benchmark of about $80 billion annually (excluding China) by 2020, lending support to the $100 billion target pledged for industrial country financial support by that year.