Skip to main content

My ‘Climate Shock’ from a talk by Gernot Wagner

Sadly, the climate change rhetoric can sometimes feel a bit like the announcements at an airport; a little monotonous and irrelevant. Most of us have been guilty of tuning out, turning a blind eye and continuing with our life thinking the announcement isn’t really for us; we’re getting a different flight.

Sitting down for the hour long talk by Gernot Wagner at @Bristol on Tuesday evening was a little like hearing the last boarding call when you’re at the other end of the airport in a day dream. It was a shock.

‘Climate Shock’ was an hour of uncomfortable truths and mind boggling economics. As a scientist I am regularly exposed to the raw figures: Temperature in degrees, CO2 in parts per million, mean sea level increase. Never before had I been faced with the human implications of climate change in such stark and uncompromising terms.

The talk was run by Bristol Festival of Ideas and supported by the University of Bristol's Cabot Institute and slotted in comfortably with Bristol’s position as green capital of the Europe. Gernot Wagner walked us through his recent book ‘Climate shock’, co written with Martin Weitzman. At each turn of the page (or change of the slide) there was a new, fresh perspective on the climate change debate. Instead of seeing the problem and solution in science, Wagner saw it in economics.

With the cool detachment of a mathematician, Wagner attempted to communicate the uncertainties in our climate change predictions. Despite a considerable accumulation of knowledge, we are still powerless to predict the exact effect on our fragile planet. Wagner pointed out that, should temperatures rise by 6 degrees, the effects would be catastrophic. We are only a fraction of the way down the slippery slope of temperature increase and despite an escalation in extreme weather we still aren’t digging in our heels and climbing back up. With any other predictable, large-scale disasters we work tirelessly to insure and mitigate. Why, Wagner asked, are we not doing the same for climate change?

$0.40

Using economics to convey the potential impacts, Wagner stated plainly that for every $1 we spend on CO2 producing activities, it is actually costing us $0.40 in future damages. We are already a planet in debt.

Wagner’s solution was atypical. Instead of sending us forth from the room as eco warriors, recycling like our lives depended on it, he emphasised a different message. He said the way to mitigate global warming is to harness the economic power of supply and demand.

$150

His case study was Sweden. He introduced it with a single figure: $150.

This is the Swedish tax on each ton of CO2: as the price of CO2 went up, demand went down. Now, Wagner claimed, Sweden is nearly carbon neutral. His argument is that policy is the way to save the world- far more so than individual effort.

The realism of his suggestions made his talk fascinating. For the first time I not only grasped the terrifying toll that climate change is taking, but also felt hopeful that there might be a solution. While the solution might be unpopular in our short sighted capitalist society, it is absolutely essential for maintaining long term economic stability.

The moral of the story? The best investment you will ever make is in our planet.
------------------------
This blog is written by Cabot Institute member Keri McNamara, a PhD student in the School of Earth Sciences at the University of Bristol.
Keri McNamara


Popular posts from this blog

Powering the economy through the engine of Smart Local Energy Systems

How can the Government best retain key skills and re-skill and up-skill the UK workforce to support the recovery and sustainable growth? This summer the UK’s Department for Business, Energy and Industrial Strategy (BEIS) requested submission of inputs on Post-Pandemic Economic Growth. The below thoughts were submitted to the BEIS inquiry as part of input under the EnergyREV project . However, there are points raised here that, in the editing and summing up process of the submission, were cut out, hence, this blog on how the UK could power economic recovery through Smart Local Energy Systems (SLES). 1. Introduction: Factors, principles, and implications In order to transition to a sustainable and flourishing economy from our (post-)COVID reality, we must acknowledge and address the factors that shape the current economic conditions. I suggest to state the impact of such factors through a set of driving principles for the UK’s post-COVID strategy. These factors are briefly explained belo

Farming in the Páramos of Boyacá: industrialisation and delimitation in Aquitania

Labourers harvest ‘cebolla larga’ onion in Aquitania. Image credit: Lauren Blake. In October and November 2019 Caboteer  Dr Lauren Blake  spent time in Boyacá, Colombia, on a six-week fieldtrip to find out about key socio-environmental conflicts and the impacts on the inhabitants of the páramos, as part of the historical and cultural component of her research project, POR EL Páramo . Background information about the research can be found in the earlier blog on the project website . Descending down the hill in the bus from El Crucero, the pungent smell of cebolla larga onion begins to invade my nose. The surrounding land transforms into plots of uniform rows of onion tops at various stages of growth, some mostly brown soil with shoots poking out along the ridges, others long, bushy and green. Sandwiched between the cloud settled atop the mountainous páramos and the vast, dark blue-green Lake Tota, all I can see and all I can smell is onion production. Sprinklers are scattered around, dr

IncrEdible! How to save money and reduce waste

The new academic year is a chance to get to grips with managing your student loan and kitchen cupboards. Over lockdown the UK wasted a third less food than we usually would. This is brilliant, as normally over 4.5 million tonnes of edible food is wasted from UK homes every year. For students, it’s even higher. The average cost of food waste per student per week is approximately £5.25 - that's about £273 per year !  It’s not just our bank accounts that are affected by food waste – it’s our planet too. The process of growing, making, distributing, storing and cooking our food uses masses of energy, fuel and water. It generates 30% of the world’s CO₂ greenhouse gas emissions. The same amount of CO₂ as 4.6 million return flights from London to Perth, Australia! So it makes sense to keep as much food out of the bin as possible, start wasting less and saving more.  Start the new term with some food waste busting, budget cutting, environment loving habits! Here’s five easy ways to reduce