Climate Crisis Economics
Climate Crisis Economics draws on economics, political economy, scientific literature, and data to gauge the extent to which our various communities – political, economic, business – are making the essential leap to a new narrative and policy approach that will accelerate us towards the necessary transition to a decarbonized economy and sustainable future.
The book draws out policies and practices with both national and local examples, which will demonstrate various complementary approaches that are empowering states and people as they seek to pursue the carbon neutral goal. The author delineates a climate crisis economics approach that is fit for purpose and which can help achieve necessary climate change goals in the decades ahead. Ensuring economic and ecological sustainability is neither easy nor cost-free; there is no single solution to the climate crisis. All aspects of our economies, policies, business, and personal practices must come into alignment in order to succeed. Frustratingly, we know what is needed and we have many of the technologies and systems to make the leap to a carbon neutral economy, yet we still fail to act with alacrity. Leaders, communities, and businesses must shift their narratives in how they talk about and think about the climate crisis. In doing so, in making the narrative leap to a new understanding about what is possible and necessary, we can stop endangering our common future and single, fragile, global habitat, and instead set the stage for Green Globalisation 2.0 and a new, sustainable industrial revolution.
Climate Crisis Economics will appeal to academics, students, investors, and professionals from varying disciplines including politics, international political economy, and international economics. Written in an accessible voice, it draws on work in fields outside of and in addition to politics and economics to make a case for climate crisis economics as an approach to addressing the climate change challenge ahead.
The Open Access version of this book, available at www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license. Thanks to the support of libraries working with Knowledge Unlatched www.knowledgeunlatched.org
Prologue: An Imagined Vision of the Near Future Without Action on Climate Change
1. Crises as Crucibles for Change
2. Obscured Horizons and Middling Models
3. Setting Targets, Pricing Carbon, and Punishing Laggards
4. Demographics, the Changing Investment Narrative Landscape, and Market Incentives
5. Building a Decarbonised World: Institutional Innovations that Reinforce Market Outcomes
6. A Greening of Industrial Policy: Speeding Diffusion and the Achievement of Net Zero
7. Greening our Stories, Internationally, Nationally, and Especially Locally
8. On Decarbonization, Economic Growth and a Just Transition
9. A Race of Tipping Points
Post-Script: Change Happens Slowly and Then Fast
‘Timed to influence the 2021 UN climate change conference in Glasgow, Stuart Mackintosh presents a compelling case for urgent, comprehensive action to meet the challenge of our era. Dispensing acute analysis and pungent judgement this highly readable manifesto for engagement shows the path forward to a green globalization 2.0. This book is an indispensable guide for business, educators, journalists, government officials and every citizen. It is a major achievement made possible by Mackintosh’s decades-long global experience in the European Union, with Mitsubishi, and as executive director of the Group of Thirty and as president of the National Association of Business Economists.’
Dr. Carl Lankowski, retired director of European Area Studies, US Department of State
‘Dr. Mackintosh has written a long overdue book. Climate Crises Economics covers this vital subject fully in a candid and unusually complete manner. His book can be read by the expert or educated layman. One of his skills is weaving together a number of recommended solutions rather than one draconian one. An important read for those who care, a must-read for those who want to put a solution in place.’
Michael O. Clark, Senior Advisor at 1919 Investment Counsel, LLC, USA
‘Few areas of study combine the efforts of science, economics and public policy as does climate change analysis. Stuart Mackintosh, with his background in economics and public policy, is excellently positioned to combine the threads of these three efforts into a manuscript that describes an approach to achieve the goals of public and private agents in the field of climate change. I endorse this book as a must-read for those who wish to actively pursue the goals of addressing climate change in a systematic way.’
John Silvia, CEO and Founder of Dynamic Economic Strategy, USA
"Sunak [Chancellor of the Exchequer, UK] is also concerned about the cost of warding off the worst of global heating. He should read Climate Crisis Economics by Stuart PM Mackintosh, executive director of the Group of 30, the esteemed international economic thinktank. In an echo of Ernest Hemingway’s famous exchange in The Sun Also Rises – "How did you go bankrupt?" "Two ways. Gradually, then suddenly" – Mackintosh concludes, in respect of global heating, that "change happens slowly and then fast". The evidence is all around us."
William Keegan, writing in The Guardian
‘This book explores the challenge of global climate change, with a focus on understanding the situation we are in and how to get out of it. This book is highly textual and has a strong emphasis on real-world examples […] It provides an up-to-date, broad overview of the climate challenge and explores what is needed to address it. Along the way it covers topics from green finance to green industrial policy, and the importance of leadership and climate-focused institutions. […] This book will remain useful for informing future courses of action.’
Paul J. Burke, Australian National University, Australia (Review in Economic Record, The Economic Society of Australia)
Interviews with the author: