Climate Crisis Economics

Stuart P. M. Mackintosh is an economist and financial author, and the Executive Director of the Group of Thirty, an influential international economic and financial think tank comprised of the most senior figures in central banking, finance, and academia. In 2016 he was elected by his peers as President of the National Association of Business Economics, the leading US organisation of professional economists. He is also a Visiting Fellow at Newcastle University, UK. He is the author of four other books on the global financial system, systemic risks, central banking, and climate change. He is a prolific newspaper columnist. www.stuartmackintoshauthor.info

Praise for the First Edition:‘Timed to influence the 2021 UN climate change conference in Glasgow, Stuart Mackintosh presents a compelling case for urgent, comprehensive action to meet the challenge of our era. Dispensing acute analysis and pungent judgement this highly readable manifesto for engagement shows the path forward to a green globalization 2.0. This book is an indispensable guide for business, educators, journalists, government officials and every citizen. It is a major achievement made possible by Mackintosh’s decades-long global experience in the European Union, with Mitsubishi, and as executive director of the Group of Thirty and as president of the National Association of Business Economists.’Dr. Carl Lankowski, retired director of European Area Studies, US Department of State‘Dr. Mackintosh has written a long overdue book. Climate Crises Economics covers this vital subject fully in a candid and unusually complete manner. His book can be read by the expert or educated layman. One of his skills is weaving together a number of recommended solutions rather than one draconian one. An important read for those who care, a must-read for those who want to put a solution in place.’Michael O. Clark, Senior Advisor at 1919 Investment Counsel, LLC, USA‘Few areas of study combine the efforts of science, economics and public policy as does climate change analysis. Stuart Mackintosh, with his background in economics and public policy, is excellently positioned to combine the threads of these three efforts into a manuscript that describes an approach to achieve the goals of public and private agents in the field of climate change. I endorse this book as a must-read for those who wish to actively pursue the goals of addressing climate change in a systematic way.’John Silvia, CEO and Founder of Dynamic Economic Strategy, USA"Sunak [Chancellor of the Exchequer, UK] is also concerned about the cost of warding off the worst of global heating. He should read Climate Crisis Economics by Stuart PM Mackintosh, executive director of the Group of 30, the esteemed international economic thinktank. In an echo of Ernest Hemingway’s famous exchange in The Sun Also Rises – "How did you go bankrupt?" "Two ways. Gradually, then suddenly" – Mackintosh concludes, in respect of global heating, that "change happens slowly and then fast". The evidence is all around us."William Keegan, writing in The Guardian‘This book explores the challenge of global climate change, with a focus on understanding the situation we are in and how to get out of it. This book is highly textual and has a strong emphasis on real-world examples […] It provides an up-to-date, broad overview of the climate challenge and explores what is needed to address it. Along the way it covers topics from green finance to green industrial policy, and the importance of leadership and climate-focused institutions. […] This book will remain useful for informing future courses of action.’Paul J. Burke, Australian National University, Australia (Review in Economic Record, The Economic Society of Australia)

• Prologue 1. Crises as crucibles for change 2. Obscured horizons and middling models 3. Warning: Tipping points may be closer than they appear 4. Setting targets, bending the GHG curve toward zero 5. Pricing carbon: How to achieve that and how high to go 6. Demographics, the changing investment narrative landscape, and market incentives 7. Building a decarbonised world: Institutional innovations that reinforce market outcomes 8. A sector-by-sector shift and place-based industrial policies: Speeding diffusion and the achievement of net zero 9. A just transition: possible but difficult and unlikely 10. A race of tipping points