Chart of the Day

Another from the Competitive Enterprise Institute's Iain Murray:




source: CEI (at 4)

Murray explains:

Dr. William Nordhaus of Yale estimates that 3°C of global warming would cost the world $22 trillion this century. Stern’s recommendations, based on immediate deep reductions in emissions on the basis of intergenerational equity, would reduce that to $9 trillion, but at a cost of $26 trillion. Al Gore’s package of measures, which calls on the U.S. to “join an international treaty within the next two years that cuts global warming pollution by 90 percent in developed countries and by more than half worldwide in time for the next generation to inherit a healthy Earth,” would reduce warming costs to $10 trillion, at a cost of $34 trillion.¹¹
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¹¹ William Nordhaus, The Challenge of Global Warming: Economic Models and Environmental Policy in the DICE-2007 Model, July 24, 2007.