In a new paper, Sir Nicholas Stern, Nobel Laureate Joseph E. Stiglitz and Charlotte Taylor conclude that climate-energy-economy Integrated Assessment Models (IAMs), which are the key tool in producing emission-reduction scenarios, “have very limited value in answering the two critical questions” of the speed and nature of emissions reductions and “fail to provide much in the way of useful guidance, either for the intensity of action, or for the policies that deliver the desired outcomes”.  The research paper is The economics of immense risk, urgent action and radical change: towards new approaches to the economics of climate change.

Now this is a big thing, because IAMs are at the center of the IPCC Working Group III report on mitigation, and “have played a major role in IPCC reports on policy, which, in turn, have played a prominent role in public discussion.

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