[MCN] 2012 Nobel prize scientist said global tax on emissions vital to deal with climate change

[Lance Olsen]

Climate Home News Published on 22/08/2012, 12:30am

Nobel prize winning scientist says global tax on emissions vital to deal with climate change
The 1995 Nobel prize winner in Chemistry says it’s vital an international agreement that puts a price on greenhouse gas emissions is implemented urgently.

1st 3 paragraphs

Mario J. Molina won the award for helping save the world from the consequences of ozone depletion, and says it is now increasingly clear that man-made climate change is causing extreme weather events across the world.

Speaking on Monday at the American Chemical Society <http://portal.acs.org/portal/acs/corg/content>, Molina said a global agreement based on the Montreal Protocol, which helped phase out substances responsible for depleting the ozone layer, could be an answer.

“The new agreement should put a price on the emission of greenhouse gases, which would make it more economically favorable for countries to do the right thing. The cost to society of abiding by it would be less than the cost of the climate change damage if society does nothing,” he said.

https://www.climatechangenews.com/2012/08/22/nobel-prize-winning-scientist-says-global-tax-on-emissions-vital-to-deal-with-climate-change/ <https://www.climatechangenews.com/2012/08/22/nobel-prize-winning-scientist-says-global-tax-on-emissions-vital-to-deal-with-climate-change/>

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“It is precisely this modeling choice — standard in financial economics but novel to climate–economic applications — that leads to our fundamentally differing CO2 price paths. Mitigating climate risk provides a hedge, leading to high CO2 prices early on. As uncertainties decline over time, so do CO2 prices.”

Kent D. Daniel, Robert B. Litterman, and Gernot Wagne
Declining CO2 price paths
PNAS Early Edition October 2019
www.pnas.org/cgi/doi/10.1073/pnas.1817444116 <http://www.pnas.org/cgi/doi/10.1073/pnas.1817444116> 




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