Measuring the Immeasurable: The Costs & Benefits of Climate Change Mitigation

05 June 2008

Professor Ross Garnaut

Decisions on whether and how much mitigation of the risks of dangerous climate change is justified raises exceptional challenges. In this lecture Professor Garnaut discusses the issues that arise when we measure and compare market and non-market costs with the benefits of climate change mitigation. He explores the value judgements that must be made when comparing welfare of people with different incomes and wealth, living in different countries, at different times. He also looks at how these conceptual challenges are compounded by uncertainties in scientific and economic analysis. Finally, he examines the awful uncertainties within which Australian and other governments are compelled to make fateful decisions or equally fateful non-decisions in the years immediately ahead. This was the Sixth HW Arndt Memorial Lecture.

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Broad Topics: Asia and the Pacific

Sub-topics: Economics, Environment

Areas: ANU College of Asia and the Pacific

Professor Ross Garnaut has been a Professor of Economics at the Research School of Pacific and Asian Studies, ANU since 1989. He is currently Chairman of a number of international companies and research organisations, including the International Food Policy Research Institute, and board member of several others. From 1985-88, Professor Garnaut was the Australian Ambassador to China.

In April 2007, Professor Garnaut was commissioned by the Australian States and Territories, and subsequently the Commonwealth Government, to undertake a review examining the impact of climate change on the Australian economy and potential medium to long-term policies to ameliorate these.