The typical cost of cutting a ton of CO2is currently about $20. Yet, according to a wealth of scientific literature, the damage from a ton of carbon in the atmosphere is about $2. Spending $20 to do $2 worth of good is not smart policy. It may make you feel good, but it’s not going to stop global warming.

We need to reduce the cost of cutting emissions from $20 a ton to, say, $2. That would mean that really helping the environment wouldn’t just be the preserve of the rich but could be opened up to everyone else — including China and India, which are expected to be the main emitters of the 21st century but have many more pressing issues to deal with first.

The way to achieve this is to dramatically increase spending on research and development of low-carbon energy. Ideally, every nation should commit to spending 0.05 percent of its gross domestic product exploring non-carbon-emitting energy technologies, be they wind, wave or solar power, or capturing CO2emissions from power plants. This spending could add up to about $25 billion per year but would still be seven times cheaper than the Kyoto Protocol and would increase global R&D tenfold. All nations would be involved, yet the richer ones would pay the larger share.

Gee… what non-carbon energy source somehow didn’t make the list?

Yes, he’s still an environmentalist, whatever that really means. I have to agree with his calls for cooling it, and kudos for pointing out that global warming just might be a good thing.