There are some sound observations, says Steve, but it doesn’t go far enough. It doesn’t recognise is the mismatch between climate scientists and economists. Climate scientists believe global warming could ultimately be an extinction level event, he says, whereas economics see it having a relatively minor impact on GDP. The more we listen to the economists the more likely the climate scientists will be right.
There’s one positive takeout from the paper though. It recognises that we need breakthrough solutions. But that’s likely to come from high cost, high risk investment. Who is going to pay for that?