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The Economics of the Global Energy Challenge

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  • Michael Greenstone

Abstract

Rather than facing an isolated climate change challenge, this paper argues that the world must confront the Global Energy Challenge (GEC) that requires all countries to make trade-offs between three often competing and interrelated goals: inexpensive and reliable energy, clean air, and limiting damages from climate change. This paper presents seven facts that help illuminate the contours of the GEC and the interactions between the three goals. It concludes by outlining potential solutions: pricing energy at its full social cost, investing in technical and policy innovation, improving information on pollution and climate damages, and treating energy as a private good.

Suggested Citation

  • Michael Greenstone, 2024. "The Economics of the Global Energy Challenge," AEA Papers and Proceedings, American Economic Association, vol. 114, pages 1-30, May.
    • Handle: RePEc:aea:apandp:v:114:y:2024:p:1-30
    DOI: 10.1257/pandp.20241000
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    References listed on IDEAS

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    1. Greenstone, Michael & Rohini Pande & Sudarshan, Anant & Ryan, Nicholas, 2023. "Can Pollution Markets Work in Developing Countries? Experimental Evidence from India," The Warwick Economics Research Paper Series (TWERPS) 1453, University of Warwick, Department of Economics.
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      More about this item

      JEL classification:

      • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
      • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
      • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
      • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
      • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
      • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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