IQ2US debate about carbon emission Jan 15, 2009

NEW DELHI — Every evening, hundreds of millions of Indian women hover over crude stoves making dinner for their families. They feed the flames with polluting fuels like kerosene or cow dung, and breathe the acrid smoke wafting from the fires.

Politicians across the world routinely promise unprecedented reductions of carbon emissions but make little mention of the cost, often covering with vivid projections of green jobs. Yet the economic damage these policies would do is much greater than what most voters would tolerate, while the climate benefits are smaller than many would imagine.

For this Earth Day it is especially important we focus on the world's top priorities. In September, all 193 governments will meet at the UN to set targets for the world for the next 15 years in what is explicitly labeled "Sustainable Development Goals." So, it is worth looking at what we should do first. At my think tank, the Copenhagen Consensus, we've asked 60 teams of top economists including several Nobel laureates to evaluate the economic, social and environmental costs and benefits of the targets, so we can pick the best ones. Here is what we should do in environment.