In the News

Last week Americans for Prosperity – the group behind the campaign against the health bill this summer – launched a hot air balloon to “expose the ballooning costs of global warming hysteria”. But a survey by New York University of 289 economists who had published studies related to climate in the 25 top academic journals over the last 15 years threatens to prick it.

In a survey of 144 top climate economists released November 4, 2009 by the Institute for Policy Integrity at the New York University School of Law, 84% agreed that “the environmental effects of greenhouse gas emissions, as described by leading scientific experts, create significant risks to important sectors of the United States and global economies.” A majority stated that sectors that will be negatively affected include agriculture, fishing, forestry, insurance, and health services.

On top of the health costs, a recent study by the Institute for Policy Integrity at the New York University School of Law found that failing to deal with climate change will cost our economy an average of $27 million to $375 million every day from now until 2050.

Economists have sparred for years over what price tag to put on the societal danger of carbon dioxide emissions. Now the Obama administration is quietly struggling to reach its own conclusion.

The answer promises to weigh heavily on a slew of future regulations that directly and indirectly combat climate change.

“This has huge potential. So many decisions the government makes have an influence on greenhouse gas emissions,” said Michael Livermore, executive director of the Institute for Policy Integrity (IPI) at the New York University School of Law.

Most economists say the United States should commit to reducing its greenhouse gas emissions regardless of other countries’ actions, according to a survey released today. New York University’s Institute for Policy Integrity queried nearly 300 economists who have published articles on climate change and got responses from 144 of them.

“We can now say that economists agree about the severe effects of climate change on our economy, just as scientists agree about the severe effects of climate change on our planet,” said Richard Revesz, dean of NYU’s law school. “There is a clear endorsement for action among the economists who study this issue.”

A New York University School of Law survey found near unanimity among 144 top economists that global warming threatens the United States economy and that a cap-and-trade system of carbon regulation will spur energy efficiency and innovation.

“Outside academia the level of consensus among economists is unfortunately not common knowledge,” Richard Revesz, dean of the law school, said during a press conference Wednesday. “The results are conclusive – there is broad agreement that reducing emissions is likely to have significant economic benefits.”

“An economist tree hugger is an imaginary creature,” says Michael Livermore of New York University’s Institute for Policy Integrity, which conducted the survey. “But we found that economists really see climate change poses a lot of risk to the economy.”

The survey approached the 289 economists who had published climate-related studies in the top 25 economics journals in the past 15 years. About half, 144, responded, and 75% agreed or strongly agreed on the “value” of greenhouse-gas controls

Cities need good public transportation systems to prosper and grow. But in today’s world such systems must also be environmentally sustainable. That is especially true in developing countries, where rapid urbanization is creating huge pressure on aging infrastructures. By adopting smart policies that incorporate environmental needs, a city can improve the quality of life for residents while ensuring that its growth does not overtax its resources.

Last week, the nation suffered from major sticker shock when we learned that our use of fossil fuels comes with a hidden price tag of $120 billion per year. Thanks to the results of the National Research Council’s report on energy and the environment, some of the extra costs of dirty energy were exposed.

Methane is a greenhouse gas 25 times more potent than carbon dioxide, so when it’s leaking by the ton, it’s a $50 billion problem. The New York Times described the phenomenon of methane leakage in a recent article which raised questions about the true costs of this waste.