Climate Policy Implications of the Hiatus in Global Warming
Climate models have missed the 18 year flatline of the growth of average global temperature.
Climate models have missed the 18 year flatline of the growth of average global temperature. Since economic models are constructed to match climate models, if climate models overstate the effect of CO2 emissions, economic models will overstate the social damages associated with them. Thus, economic models of climate are in need of revision. In addition, since climate policies operate over such a long time frame, within which it is virtually certain that critical new information will emerge, climate policy should contain feedback mechanisms that connect new data about climate sensitivity to any emissions control policy enacted in order to avoid making costly decisions that are later revealed to have been unnecessary.