Must-read: Adair Turner: “Facing Up to Climate Reality”

Must-Read: Adair Turner: Facing Up to Climate Reality: “Achieving a low-carbon economy is essential…

…new technologies make that goal attainable at an acceptable cost; but technological progress alone will be insufficient without strong public policies…. The climate agreement reached in Paris last month represents a valuable but still insufficient response…. Wind energy is now cost-competitive in many locations, and the costs of solar energy continue to plummet–down around 70% since 2008. Rapid cost reductions are also being achieved in battery and other energy-storage technologies, bringing electric cars closer to economic viability and enabling flexible electricity supply even where a large percentage of power comes from intermittent sources…. Strong public-policy interventions are… essential to support an adequately fast energy transition that is as cost efficient as possible…