Robert S. Pindyck is the Bank of Tokyo-Mitsubishi Professor of Economics and Finance in the Sloan School of Management at MIT. He is also a Research Associate of the National Bureau of Economic Research, and he has been a Visiting Professor at Tel-Aviv University, Harvard University, and Columbia University. He is a Fellow of the Econometric Society, a past President and Fellow of the Association of Environmental and Resource Economists, and a winner of the Jamieson Prize for Excellence in Teaching. Professor Pindyck's research and writing have covered topics in microeconomics and industrial organization, the behavior of natural resource and commodity markets, financial markets, capital investment decisions, and environmental economics. His recent work in environmental economics has focused on climate change, and examined policy design in the face of uncertainty. He has also worked on the economic and policy implications of global catastrophic events, including the COVID-19 pandemic.Professor Pindyck has published numerous academic journal articles, and he is also the author or co-author of seven books, including three popular textbooks: Econometric Models and Economic Forecasts, Microeconomics, and Investment Under Uncertainty.

the author concedes the need to address climate change as soon as possible to avert far greater costs of future climate heating.

• INTRODUCTION 1.1 Averting and Adapting: The Basic Argument1.2 What Is Adaptation? 1.2.1 Concerns about Adaptation 1.2.2 Carbon Removal and Sequestration1.3 What Comes Next1.4 Further Readings CHAPTER 2: THE FUNDAMENTAL PROBLEM 2.1 A Few Facts and Numbers2.2 An Optimistic Scenario2.3 The Bottom Line2.4 Further Readings CHAPTER 3: WHAT WE KNOWAND DON'T KNOWABOUT CLIMATE CHANGE 3.1 The Social Cost of Carbon3.2 Climate Change Basics3.3 What We Know (or Sort of Know) 3.3.1 What Drives CO2 Emissions? 3.3.2 What Drives the Atmospheric CO2 Concentration?3.4 What We Don't Know 3.4.1 Climate Sensitivity 3.4.2 The Impact of Climate Change 3.4.3 A Catastrophic Outcome3.5 Further Readings CHAPTER 4: THE ROLE OF UNCERTAINTY IN CLIMATE POLICY 4.1 Implications of Uncertainty 4.1.1 The Treatment of Uncertainty 4.1.2 How Does Uncertainty Affect Climate Policy? 4.1.3 The Value of Climate Insurance 4.1.4 The Effects of Irreversibilities4.2 Further Readings4.3 Appendix to Chapter 4: Effects of Irreversibilities CHAPTER 5: CLIMATE POLICY AND CLIMATE CHANGE: WHAT CAN WE EXPECT?5.1 CO2 Emission Reductions 5.1.1 The United States 5.1.2 The U.K. and Europe 5.1.3 China 5.1.4 The Global Picture5.2 CO2, Methane, and Temperature Change 5.2.1 The Warming Effect of CO2 Emissions 5.2.2 Methane Emissions5.2.3 The Warming Effect of Methane Emissions5.3 Temperature Change Scenarios 5.3.1 Changes in Temperature 5.3.2 Implications of Uncertainty5.4 Rising Sea Levels5.5 Summary5.6 Further Readings5.7 Appendix to Chapter 5: Temperature Scenarios CHAPTER 6: WHAT TO DO: REDUCING NET EMISSIONS 6.1 How to Reduce Emissions 6.1.1 A Carbon Price 6.1.2 Government Subsidies 6.1.3 Government Mandates 6.1.4 Cap-and-Trade 6.1.5 How Large a Carbon Tax? 6.1.6 An International Agreement 6.1.7 Research & Development6.2 Nuclear Power6.3 Removing Carbon 6.3.1 Trees, Forests, and CO2 6.3.2 Carbon Removal and Sequestration 6.3.3 The Bottom Line6.4 Further Readings CHAPTER 7: WHAT TO DO: ADAPTATION 7.1 Adaptation in Agriculture 7.1.1 What Can the Data Tell Us? 7.1.2 An Historical Experiment 7.1.3 What To Expect?7.2 Hurricanes, Storms, and Rising Sea Levels 7.2.1 Flooding and Its Impact 7.2.2 Physical Barriers to Flooding 7.2.3 Natural Barriers to Flooding 7.2.4 Private and Public/Private Adaptation 7.2.5 Flood Insurance 7.2.6 Flood Risk in Asia 7.2.7 What to Expect?7.3 Solar Geoengineering 7.3.1 How It Would Work 7.3.2 How Much Would It Cost? 7.3.3 Problems with Solar Geoengineering 7.3.4 What to Do? 7.4 Can Adaptation Solve Our Climate Problem? 7.5 Climate Future7.6 Further Readings Bibliography

Robert S. Pindyck is the Bank of Tokyo-Mitsubishi Professor of Economics and Finance in the Sloan School of Management at MIT. He is also a Research Associate of the National Bureau of Economic Research, and he has been a Visiting Professor at Tel-Aviv University, Harvard University, and Columbia University. He is a Fellow of the Econometric Society, a past President and Fellow of the Association of Environmental and Resource Economists, and a winner of the Jamieson Prize for Excellence in Teaching. Professor Pindyck's research and writing have covered topics in microeconomics and industrial organization, the behavior of natural resource and commodity markets, financial markets, capital investment decisions, and environmental economics. His recent work in environmental economics has focused on climate change, and examined policy design in the face of uncertainty. He has also worked on the economic and policy implications of global catastrophic events, including the COVID-19 pandemic.Professor Pindyck has published numerous academic journal articles, and he is also the author or co-author of seven books, including three popular textbooks: Econometric Models and Economic Forecasts, Microeconomics, and Investment Under Uncertainty.

the author concedes the need to address climate change as soon as possible to avert far greater costs of future climate heating.

• INTRODUCTION 1.1 Averting and Adapting: The Basic Argument1.2 What Is Adaptation? 1.2.1 Concerns about Adaptation 1.2.2 Carbon Removal and Sequestration1.3 What Comes Next1.4 Further Readings CHAPTER 2: THE FUNDAMENTAL PROBLEM 2.1 A Few Facts and Numbers2.2 An Optimistic Scenario2.3 The Bottom Line2.4 Further Readings CHAPTER 3: WHAT WE KNOWAND DON'T KNOWABOUT CLIMATE CHANGE 3.1 The Social Cost of Carbon3.2 Climate Change Basics3.3 What We Know (or Sort of Know) 3.3.1 What Drives CO2 Emissions? 3.3.2 What Drives the Atmospheric CO2 Concentration?3.4 What We Don't Know 3.4.1 Climate Sensitivity 3.4.2 The Impact of Climate Change 3.4.3 A Catastrophic Outcome3.5 Further Readings CHAPTER 4: THE ROLE OF UNCERTAINTY IN CLIMATE POLICY 4.1 Implications of Uncertainty 4.1.1 The Treatment of Uncertainty 4.1.2 How Does Uncertainty Affect Climate Policy? 4.1.3 The Value of Climate Insurance 4.1.4 The Effects of Irreversibilities4.2 Further Readings4.3 Appendix to Chapter 4: Effects of Irreversibilities CHAPTER 5: CLIMATE POLICY AND CLIMATE CHANGE: WHAT CAN WE EXPECT?5.1 CO2 Emission Reductions 5.1.1 The United States 5.1.2 The U.K. and Europe 5.1.3 China 5.1.4 The Global Picture5.2 CO2, Methane, and Temperature Change 5.2.1 The Warming Effect of CO2 Emissions 5.2.2 Methane Emissions5.2.3 The Warming Effect of Methane Emissions5.3 Temperature Change Scenarios 5.3.1 Changes in Temperature 5.3.2 Implications of Uncertainty5.4 Rising Sea Levels5.5 Summary5.6 Further Readings5.7 Appendix to Chapter 5: Temperature Scenarios CHAPTER 6: WHAT TO DO: REDUCING NET EMISSIONS 6.1 How to Reduce Emissions 6.1.1 A Carbon Price 6.1.2 Government Subsidies 6.1.3 Government Mandates 6.1.4 Cap-and-Trade 6.1.5 How Large a Carbon Tax? 6.1.6 An International Agreement 6.1.7 Research & Development6.2 Nuclear Power6.3 Removing Carbon 6.3.1 Trees, Forests, and CO2 6.3.2 Carbon Removal and Sequestration 6.3.3 The Bottom Line6.4 Further Readings CHAPTER 7: WHAT TO DO: ADAPTATION 7.1 Adaptation in Agriculture 7.1.1 What Can the Data Tell Us? 7.1.2 An Historical Experiment 7.1.3 What To Expect?7.2 Hurricanes, Storms, and Rising Sea Levels 7.2.1 Flooding and Its Impact 7.2.2 Physical Barriers to Flooding 7.2.3 Natural Barriers to Flooding 7.2.4 Private and Public/Private Adaptation 7.2.5 Flood Insurance 7.2.6 Flood Risk in Asia 7.2.7 What to Expect?7.3 Solar Geoengineering 7.3.1 How It Would Work 7.3.2 How Much Would It Cost? 7.3.3 Problems with Solar Geoengineering 7.3.4 What to Do? 7.4 Can Adaptation Solve Our Climate Problem? 7.5 Climate Future7.6 Further Readings Bibliography