As is usual around here, we\’ll start with the assumption that the IPCC is correct.
So, what is it that we need to do? Tear down the current structure of society? Rip up everything we\’ve already built and start again?
We\’re going to be replacing all of our extant infrastructure over the next 50 years anyway.
All we really want to do is make sure that what it\’s replaced with is low carbon.
Which means Nordhaus is right and Stern wrong. Low carbon taxes now but with the believable promise that they will be high in the future.
Fortunately, I made this argument in the upcoming book without having seen this graph. Whew.