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.
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