climate - The New School SCEPA

Willi Semmler, a SCEPA Senior Fellow and NSSR Professor of Economics, has for many years argued that green bonds are a powerful tool for financing the transition to a low-carbon economy. That policy proposal is getting attention — New York state recently overwhelmingly approved a $4.2 ballot measure called the Clean Water, Clean Air and Green Jobs Environmental Bond Act of 2022.

The economy-climate interaction and an appropriate mitigation policy for climate protection have been treated in various types of scientific modeling. This paper focuses on the seminal work by Nordhaus on the economy-climate link and extends that model to include optimal policies for mitigation, adaptation, and infrastructure investment studying the dynamics of the transition to a low fossil-fuel economy.