Hurricane Sandy pummeled cities along the east coast in 2012, causing billions of dollars in damage. Shutterstock
By Delavane Diaz, Stanford University
Climate change is as much an economic problem as an environmental one.
The effects of climate change, such as damage from more severe weather or health problems from higher temperatures, will impose a cost on society. On the other hand, moving away from a fossil fuel-based energy system will require significant investments into low-carbon technologies. How does society determine which efforts are most cost-effective?