---

Technology Can Fight Global Warming
We have precious little to show for nearly 20 years of efforts to prevent global warming. Promises in Rio de Janeiro in 1992 to cut carbon emissions went unfulfilled. Stronger pledges in Kyoto five years later failed to keep emissions in check. The only possible lesson is that agreements to reduce carbon emissions are costly, politically arduous and ultimately ineffective.

But this is a lesson many are hell-bent on ignoring, as politicians plan to gather again—this time in Copenhagen, Denmark, in December—to negotiate a new carbon-emissions treaty. Even if they manage to bridge their differences and sign a deal, there is a strong likelihood that tomorrow's politicians will fail to deliver.

Global warming does not just require action; it requires effective action. Otherwise we are just squandering time. ...

...Some may claim that global warming will be so terrible that a 12.9% reduction in GDP is a small price to pay. But consider that the majority of economic models show that unconstrained global warming would cost rich nations around 2% of GDP and poor countries around 5% by 2100.

Even those figures are an overstatement. A group of climate economists at the University of Venice led by Carlo Carraro looked closely at how people will adapt to climate change. Their research for the Copenhagen Consensus Center showed that farmers in areas with less water for agriculture could use more drip irrigation, for example, while those with more water will grow more crops.

Taking a variety of natural, so-called market adaptations into account, the Carraro research shows we will acclimatize to the negative impacts of global warming and exploit the positive changes, actually creating 0.1% increase in GDP in 2100 among the member countries of the Organization for Economic Cooperation and Development. In poor countries, market adaptation will reduce climate change-related losses to 2.9% of GDP. This remains a significant, negative effect. The real challenge of global warming lies in tackling its impact on the Third World. Yet adaptation has other positive benefits. If we prepare societies for more ferocious hurricanes in the future, we also help them to cope better with today's extreme weather...