By Daniel Cusick

…Michael Greenstone, director of the Energy Policy Institute at the University of Chicago and the former chief economist of the Obama administration’s Council of Economic Advisers, noted that while considerable progress has been made in understanding the science behind climate change, economists have struggled to understand and explain its societal costs. That’s because the effects of climate change vary across oceans, continents and societies depending upon people’s ability to adapt to such changes and mitigate against the most harmful effects.

For example, he said that research suggests the effect of a very hot day in India is roughly 20 times greater than the effect of a similarly hot day in the United States.

But, he noted, the only viable path to solving global climate change is for all countries — rich and poor — to develop and engage in emission reduction strategies. How such strategies are designed and implemented will depend on a country or region’s economic and social structures…

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Areas of Focus: Climate Change
Definition
Climate Change
Climate change is an urgent global challenge. EPIC research is helping to assess its impacts, quantify its costs, and identify an efficient set of policies to reduce emissions and adapt...
Climate Economics
Definition
Climate Economics
Climate change will affect every sector of the economy, both locally and globally. EPIC research is quantifying these effects to help guide policymakers, businesses, and individuals working to mitigate and...
Climate Law & Policy
Definition
Climate Law & Policy
As countries around the world implement policies to confront climate change, EPIC research is calculating which policies will have the most impact for the least cost.
Environment
Definition
Environment
Producing and using energy damages people’s health and the environment. EPIC research is quantifying the social costs of energy choices and uncovering policies that help protect health while facilitating growth.