Dr. Genevieve Gunther On Tipping Points, Doomerism And How Badly Nordhaus Missed The Mark On Economic Impacts
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How have attitudes changed towards these dangers?
There was a constructive wave of global climate alarm in the wake of the Intergovernmental Panel on Climate Change (IPCC) report on 1.5C in 2018. That was the first time scientists made it clear that the difference between 1.5C and 2C would be catastrophic for millions of people and that in order to halt global heating at a relatively safe level, we would need to start zeroing out our emissions almost immediately. Until then, I don’t think policymakers realised the timeline was that short. This prompted a flurry of activism – Greta Thunberg and Indigenous and youth activists – and a surge of media attention. All of this converged to make almost everybody feel that climate change was a terrifying and pressing problem. This prompted new pledges, new corporate sustainability targets, and new policies being passed by government.
This led to a backlash by those in the climate movement who prefer to cultivate optimism. Their preferred solution was to drive capitalist investment into renewable technologies so fossil fuels could be beaten out of the marketplace. This group believed climate fear might drive away investors, so they started to argue it was counterproductive to talk about worst-case scenarios. Some commentators even argued we had averted the direst predictions and were now on a more reassuring trajectory of global warming of a little under 3C by 2100. But it is bananas to feel reassured by that because 3C would be a totally catastrophic outcome for humanity. Even at the current level of about 1.5C, the impacts of warming are emerging on the worst side of the range of possible outcomes and there is growing concern of tipping points for the main Atlantic Ocean circulation (Amoc), Antarctic sea ice, corals and rainforests.
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The most eye-opening part of your book was about the assumptions of the Nobel prize winner William Nordhaus that we’ll probably only face a very low percentage of GDP loss by the end of the century. This surely depends on ignoring tipping points?
The only way Nordhaus can get the result that he does is if he fails to price the risk of catastrophe and leaves out a goodly chunk of the costs of global heating. In his models, he does not account for climate damages to labour productivity, buildings, infrastructure, transportation, non-coastal real estate, insurance, communication, government services and other sectors. But the most shocking thing he leaves out of his models is the risk that global heating could set off catastrophes, whether they are physical tipping points or wars from societal responses. That is why the percentage of global damages that he estimates is so ridiculously lowballed. The idea that climate change will just take off only a small margin of economic growth is not founded on anything empirical. It’s just a kind of quasi-religious faith in the power of capitalism to decouple itself from the planet on which it exists. That’s absurd and it’s unscientific.
Some economists suggest wealth can provide almost unlimited protection from catastrophe because it is better to be in a steel and concrete building in a storm than it is to be in a wooden shack. How true is that?
There’s no evidence that these protections are unlimited, though there are economists who suggest we can always substitute technologies or human-made products for ecosystems or even other planets like Mars for Earth itself. This goes back to an economic growth theorist named Robert Solow, who claims technological innovation can increase human productivity indefinitely. He stressed that it was just a theory, but the economists advising Ronald Reagan and Margaret Thatcher in the 1980s took this as gospel and argued it was possible to ignore environmental externalities – the costs of our economic system, including our greenhouse gas pollution – because you could protect yourself as long as you kept increasing your wealth.
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https://www.theguardian.com/environment/ng-interactive/2025/jun/24/tipping-points-climate-crisis-expert-doomerism-wealth