The economic case for tackling climate change now
Past Event
The dangers of global warming are increasingly evident—extreme weather, rising sea levels, wildfires, and melting glaciers—but there hasn’t been sufficient political will to take the steps needed to keep temperatures from rising more than 2 degrees Celsius, which scientists deem essential.
To examine the economic case for moving sooner rather than later, the Hutchins Center on Fiscal and Monetary Policy and the Center on Regulation and Markets at Brookings convened a virtual conference on March 6 to discuss two recent papers. The first, by the IMF’s Tobias Adrian and coauthors, focuses on the benefits of phasing out coal as an energy source. Following the presentation, the World Bank’s Carolyn Fischer reacted. The second, by Hutchins Nonresident Senior Fellow Glenn Rudebusch and coauthors, quantifies the inverse relationship between carbon prices and future temperatures, illustrating how climate policy choices determine climate outcomes. Following that presentation, Irene Monasterolo of EDHEC Business School responded. All four participated in a panel discussion on the broader implications of these issues.
Viewers submitted questions by emailing events@brookings.edu, on Twitter using the hashtag #ClimateEcon, or at sli.do using the code #ClimateEcon.
Agenda
Welcome
David Wessel
Director - The Hutchins Center on Fiscal and Monetary Policy
Senior Fellow - Economic Studies
Paper presentation - The Great Carbon Arbitrage
Tobias Adrian
Financial Counsellor & Director - Monetary and Capital Markets Department, International Monetary Fund
Discussant
Carolyn Fischer
Research Manager of the Sustainability and Infrastructure Team in the Development Research Group - World Bank
Paper presentation - Climate policy curves: Linking policy choices to climate outcomes
Glenn D. Rudebusch
Nonresident Senior Fellow - Economic Studies, The Hutchins Center on Fiscal and Monetary Policy
Discussant
Irene Monasterolo
Professor of Climate Finance - EDHEC Business School, EDHEC-Risk Climate Impact Institute
Panel discussion
Tobias Adrian
Financial Counsellor & Director - Monetary and Capital Markets Department, International Monetary Fund
Carolyn Fischer
Research Manager of the Sustainability and Infrastructure Team in the Development Research Group - World Bank
Irene Monasterolo
Professor of Climate Finance - EDHEC Business School, EDHEC-Risk Climate Impact Institute
Glenn D. Rudebusch
Nonresident Senior Fellow - Economic Studies, The Hutchins Center on Fiscal and Monetary Policy
Sanjay Patnaik
Director - Center on Regulation and Markets
Bernard L. Schwartz Chair in Economic Policy Development
Fellow - Economic Studies
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