America is now acutely aware of climate change as never before. Energy security, on the other hand, has been a major American concern at least since the Arab oil embargo of the 1970s, and it too is receiving renewed attention in current political campaigns. In fact, oil shocks have played a major role in nine of the ten U.S. recessions since World War II. Given the connection between greenhouse gases and global warming, the quest for energy security and the need to slow down or mitigate climate change are clearly intertwined, and reducing consumption of fossil fuels is an essential step toward both. A Climate of Change presents a multifaceted strategy for addressing climate change while simultaneously promoting energy security. First, the authors maintain, the U.S. government should price carbon and oil so that the private sector has adequate incentive to reduce their use. Second, they call for increased and refocused public investments on basic energy research along with long-run speculative energy technologies. Finally, America should lead by example and engage major carbon-emitting nations in a meaningful international response to climate change. In addition to presenting a broad climate change strategy, the book contains original research and alternative policy options from leading economists on each part of this approach.
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