TPSAS-NF1676L-19005-DND

Abstract

Science is an economic investment by the public. We will be managing Earth’s climate until civilization moves elsewhere. We currently have no national or international climate observing system, nor a plan to create one. Should we invest in one? Is it worth it? What is the economic value of an advanced climate observing system? How would you estimate it? We have a few traceable estimates of the economic value of weather prediction for severe storms, hurricanes, floods and droughts. Climate scientists often say that the results from their research “will inform societal decisions with trillion dollar impacts”. But is this statement verified and traceable in any way? How could we quantify an economic value to climate science? Recall that climate change science value exists decades into the future. Its value has to be treated as a risk/benefit economic analysis. A rigorous analysis must take into account the uncertainties in climate science, economic impacts, and policy (see Figure 1 below).