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An Economic Strategy to Address Climate Change and Promote Energy Security

Jason E. Bordoff, Manasi A. Deshpande, Jason Furman, and
Jason Furman Aetna Professor of the Practice of Economic Policy - Harvard University, Nonresident Senior Fellow - Peterson Institute for International Economics, Former Brookings Expert
Pascal Noel
Pascal Noel
Pascal Noel Assistant Professor of Finance - University of Chicago Booth School of Business

October 30, 2007

The related issues of climate change and energy security are now generally accepted as major challenges. U.S. greenhouse gas emissions contribute to climate change while its reliance on oil reduces its economic and national security. To tackle both problems, the United States must substantially reduce its consumption of fossil fuels.

This paper presents a three-part strategy for addressing climate change and promoting energy security. First, the government should price carbon and oil correctly so that the private sector has an incentive to reduce their use. Second, the government should increase and refocus public investments on basic research and on long-run speculative energy technologies. Finally, the United States should lead by example and engage major emitting nations in an international response to climate change.