According to some media reports, Copenhagen is turning into the ultimate ‘numbers game’. Negotiators are scrambling over the pieces of text that remain in parenthesis because they have not yet been agreed upon. Most of these are numbers—medium-term targets for cutting GHG emissions (17%, 20% or 40%), target dates (2020 or 2030), baselines (1990 or 2005) and, of course, money.
Now, the climate change debate has long been about money. A whole body of literature blossomed by trying to assign a cost to mitigation and adaptation actions, usually coming up with guesstimates often expressed in percent of global GDP. For instance, in his Review on the Economics of Climate Change, Nicholas Stern, former chief economist of the World Bank, estimated that the requirement for additional annual investments equals 2 percent of GDP.
There’s a lot less work, though, on how much we are willing to pay. This gap is striking, given that the consumers and tax payers are those that will ultimately bear the cost of climate mitigation. Climate policy (and climate agreements) will be decided on the basis of what is needed in terms of investments and what is available, which at least in part depends on what the public is willing to contribute. To fill this gap we decided to go ahead and ask people directly, and here are the results.