Release date: 2008-10-23

Global Cooperation Crucial to Balance Costs of Climate Change and Mitigation

(Newswire Today) —  Singapore, Singapore, 2008-10-23 - The diabolical problem of climate change policies requires a global effort to develop a position that strikes a good balance between the costs of mitigation and costs of dangerous climate change.


According to a study published in Asian-Pacific Economic Literature by Wiley-Blackwell, the costs of various levels of mitigation for each country depend mainly on the extent of its own mitigation. However, the costs will reduce substantially if there is a global agreement to apply similar emission-pricing regimes.
The paper entitled “Measuring the immeasurable: the cost and benefits of climate change mitigation” outlines the Garnaut Climate Change Review which seeks to form and present key mitigating options for Australia. The review’s conclusions were presented to Australian governments at the end of September and released soon after.

Author Professor Ross Garnaut, at the Sixth Heniz W. Ardnt Memorial Lecture at the Australian National University on 5th June 2008, outlined the conceptual framework being used in the Climate Change Review conducted at the request of the Federal, State and Territory Governments.
“Climate change mitigation decisions in 2008—and for the foreseeable future—are made under conditions of great uncertainty. The opportunity costs of delaying decisions are high. Australia and its partners in the international community will, for good reasons, make historic and fateful decisions about their approaches to climate change mitigation within the next three years”, says Professor Garnaut.

The review presents quantitative measures to estimate the potential effects of the cost of climate change and mitigation. It assesses the feasibility of mitigation action in Australia and discusses the different mitigation mechanisms, including emissions trading schemes and price caps, the distributive impacts of mitigation schemes, and the need for global cooperation on mitigation efforts.
Professor Garnaut adds, “[t]he consequences of the choices made for climate change are large enough to be worth a large effort to take that chance in the short period that remains before our options diminish fatefully.”

This paper is published in the November 2008 issue of Asian-Pacific Economic Literature (Vol.22, Issue 2).

About Asian-Pacific Economic Literature (APEL)
Asian-Pacific Economic Literature (APEL) is an essential resource for anyone interested in economic development in the Asian-Pacific region.
With original articles on topical policy issues, literature surveys, and abstracts of articles from over 300 journals, APEL makes it easy for you to keep ahead of the proliferating research on this dynamic and increasingly important region.
Read by politicians, journalists, businessmen, policy-makers, industrialists and academics, APEL avoids technical jargon, and is the only journal devoted to one-stop, in-depth reporting of research on the development of Asian-Pacific economies.

About Wiley-Blackwell
Wiley-Blackwell was formed in February 2007 as a result of the acquisition of Blackwell Publishing Ltd. by John Wiley & Sons, Inc., and its merger with Wiley’s Scientific, Technical, and Medical business. Together, the companies have created a global publishing business with deep strength in every major academic and professional field. Wiley-Blackwell publishes approximately 1,400 scholarly peer-reviewed journals and an extensive collection of books with global appeal.

About Wiley
Founded in 1807, John Wiley & Sons, Inc. ( has been a valued source of information and understanding for 200 years, helping people around the world meet their needs and fulfill their aspirations. Since 1901, Wiley and its acquired companies have published the works of more than 350 Nobel laureates in all categories: Literature, Economics, Physiology/Medicine, Chemistry and Peace.

Our core businesses include scientific, technical, medical and scholarly journals, encyclopedias, books, and online products and services; professional/trade publishes books, subscription products, training materials, and online applications and websites; and educational materials for undergraduate and graduate students and lifelong learners. Wiley's global headquarters are located in Hoboken, New Jersey, with operations in the U.S., Europe, Asia, Canada, and Australia. The Company is listed on the New York Stock Exchange under the symbols JWa and JWb.


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