Climate Change
According to Tol "the impact of climate change is relatively small". He was also among the US Senate Republican Party's "list of scientists disputing man-made global warming claims", which stated that Tol "dismissed the idea that mankind must act now to prevent catastrophic global warming".
Tol characterises his position as arguing that the economic costs of climate policy should be kept in proportion to its benefits.
He argues against the 2 °C 'guardrail' target for limiting temperature rises. Tol does not advocate another target, but has recommended a carbon tax of $5/tC. He acknowledges that this level of taxation is too low to significantly discourage fossil fuel use but argues it would help to stimulate the development of fuel-saving technology and improve the competitiveness of renewable energy sources. He states that compliance may affect the coal and oil industries and the people they employ.
In an interview with Der Spiegel in 2005, he argued that temperature rises between 2-4 °C would also have advantages. North of a line drawn from Paris to Munich, people would benefit, e.g., from reduced energy bills. However, south of it, people would be overall "losers" of climate change.
In 2007, Tol predicted a reduction in annual economic growth by 0.4% in the Republic of Ireland if greenhouse gases were reduced by 3% per year.
Read more about this topic: Richard Tol
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