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Ethics and Discounting Global Warming Damages Cameron Hepburn is a senior research fellow at the Smith School of Enterprise and the Environment at the University of Oxford. He specializes in environmental economics, climate policy, and long-term decisionmaking. One of the most contentious issues in assessing what price to put on greenhouse gas emissions is the rate at which global warming damages to future generations should be discounted. How can we think about the discount rate, and is there any possibility for reconciling different views?

This linkage has led to a recent increase in political support for expanded spending—particularly on physical sciences and engineering. Overall, public funding for research tends to receive widespread support based on the significant positive spillovers 21 typically associated with the generation of new knowledge. Many experts have advocated at least doubling relevant energy R&D over the next several years in order to help accelerate climate technology innovation. Translating this support into real increases in funding is more of a challenge—a challenge that could potentially be met through funds arising from a carbon tax or from a cap-and-trade system with allowance auctions.

E. A. White. Wallingford, UK: CAB International, 11-48. 14. S. Climate Program Promising, but the Key Is Implementation Kenneth R. Richards is an associate professor at the Indiana University’s School of Public and Environmental Affairs. He specializes in climate change and environmental policy implementation. Ideally, the forest sector would be included in a domestic program to reduce greenhouse gases, as studies suggest there is potential to sequester in trees a substantial amount of carbon at relatively modest cost.

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Scalar transport PPCF by Fradkin


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