The Economics of Climate Change Policies

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The IPCC's 2007 Assessment Report warns of a potential rise in global average surface temperatures by 1.8-4.0°C by century's end, leading to irreversible changes. To combat this, significant reductions in greenhouse gas emissions are essential, particularly in high-emission countries. The European Union has pledged to an 8% reduction in greenhouse gases by 2012 under the Kyoto Protocol, with Germany facing a 21% target. Looking ahead, the EU aims for a 20% reduction by 2020, with hopes for a 30% target in a potential Post-Kyoto agreement.