The direction of UK energy policy requires a renewed impetus if the goal of climate change stabilization is to be met. Cost is not the main issue: a transformation to a low-carbon energy system may be no more expensive than meeting future energy demands with fossil fuels. Institutional barriers...

This article assesses the feasibility of a 50% reduction in CO₂ emissions by 2050 using a large-scale Post Keynesian simulation model of the global energy-environment-economy system. The main policy to achieve the target is a carbon price rising to $100/tCO₂ by 2050, attained through auctioned...

Economic models of climate change often take the problem seriously, but paradoxically conclude that the optimal policy is to do almost nothing about it. We explore this paradox as seen in the widely used DICE model. Three aspects of that model, involving the discount rate, the assumed benefits...