Philosophy aligns with economics on how to value future generations in climate policy
A survey of philosophers finds they broadly agree with economists on the best way of valuing the environment of the future in policy decisions made now – although for different reasons.
In a new study published in Nature Climate Change, environmental economists including the University of Exeter’s Professor Ben Groom found consensus between the two academic disciplines over an aspect of climate policy known as the ‘social discount rate’, with philosophers offering support for a rate of 2% – a value predominantly backed by economists, and which is in line with UN climate targets.
Professor Ben Groom, said: “That economists and philosophers can agree on policy outcomes builds academic expert consensus, and the paper will help build consensus in favour of the new guidance as it works its way through the US government.
“The different perspectives of philosophers are complementary to those of economists and offer ethical checks and balances within integrated assessment models to narrow the set of acceptable climate policies, or offer altogether different procedural lenses through which to evaluate climate policy. These insights will be overlooked if economists continue to dominate the social discounting debate.”
30 May 2023
