Adapting to Climate Change Is Less Costly than Spending Trillions on Emission Targets | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary

Adapting to Climate Change Is Less Costly than Spending Trillions on Emission Targets | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary: "Since global warming will raise sea levels and increase hurricane damage, the future of beachfront property and coastal cities should be bleak. People should be withdrawing to safety inland. But, people are rushing into coastal areas."

"their belief in global warming is quite shallow, more political correctness than deep conviction. Yes, they see some danger. But they do not see it as dangerous enough to change their lifestyle and investment style.

In effect, they expect some adaptation to solve the problem, avoiding any drastic sacrifices. The world has always faced a hundred problems, and has often mitigated these through new technology and other forms of adaptation without necessarily solving them. Eco-fundamentalists are opposed to adaptation to global warming: they want prevention. But prevention is costly, and lacks political will in key emitting countries. People are rushing into coastal cities: their wallets suggest they think adaptation will be enough even without drastic carbon cuts."

"Much of Holland is below sea level but it has adapted to cope. Pat Michaels of the Cato Institute shows that the sea level at Atlantic City has risen 16 inches in the last 100 years, more than the predicted rise in the next century by IPCC. Yet, Atlantic City has adapted so well that residents are scarcely aware of it."