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IF you believe that human emissions of carbon dioxide create a significant risk of negative climate change, the solution seems obvious: reduce emissions. But this conventional wisdom is exactly wrong.
The United Nations Intergovernmental Panel on Climate Change (IPCC)--which recently, together with Al Gore, won the Nobel Peace Prize--projects that, under fairly reasonable assumptions for world population and economic growth, global temperatures will rise by 2.8[degrees]C by the year 2100, and that this will begin to create costs equal to 1 to 5 percent of global GDP sometime in the 22nd century. So, it is argued, we should begin, right now, to reduce emissions of ...