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Philosophers and economists agree on climate policy paths but for different reasons

Author

Listed:
  • Frikk Nesje

    (University of Copenhagen
    CESifo Research Network)

  • Moritz A. Drupp

    (CESifo Research Network
    University of Hamburg)

  • Mark C. Freeman

    (University of York)

  • Ben Groom

    (University of Exeter Business School
    London School of Economics and Political Science)

Abstract

The estimated value to society from climate change mitigation is highly sensitive to the long-term social discount rate. Governmental discounting guidance has almost exclusively been influenced by economists, although it is not clear that they possess any special expertise on intergenerational ethics. Here, by contrast, we report the views of philosophers, who are the most trained in ethical matters. We show that, as a group, these experts offer strong support for a real social discount rate of 2%, a value that is also predominantly backed by economists. We find multidisciplinary support for climate policy paths in line with the United Nations climate targets when views on discounting determinants are applied within a recent update of the DICE integrated assessment model. However, this apparent agreement hides important differences in views on how the ethics of intergenerational welfare can be better incorporated into climate policy evaluation.

Suggested Citation

  • Frikk Nesje & Moritz A. Drupp & Mark C. Freeman & Ben Groom, 2023. "Philosophers and economists agree on climate policy paths but for different reasons," Nature Climate Change, Nature, vol. 13(6), pages 515-522, June.
    • Handle: RePEc:nat:natcli:v:13:y:2023:i:6:d:10.1038_s41558-023-01681-w
    DOI: 10.1038/s41558-023-01681-w
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    Cited by:

    1. Ben Groom & Frank Venmans, 2024. "The Social Value of Temporary Carbon Removals and Delayed Emissions," NBER Chapters, in: Environmental and Energy Policy and the Economy, volume 6, National Bureau of Economic Research, Inc.
    2. Gollier, Christian & van der Ploeg, Frederick & Zheng, Jiakun, 2023. "The discounting premium puzzle: Survey evidence from professional economists," Journal of Environmental Economics and Management, Elsevier, vol. 122(C).

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