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This lecture argues that, rather than facing an isolated climate change challenge, the world must confront the Global Energy Challenge (GEC) that requires all countries to make trade-offs between three often competing and interrelated goals: inexpensive and reliable energy, clean air, and limiting damages from climate change. I present seven facts that help illuminate the contours of the GEC and the interactions between the three goals. Finally, it concludes by outlining potential solutions: pricing energy at its full social cost, investing in technical and policy innovation, improving information on pollution and climate damages, and treating energy as a private good.
Michael Greenstone (Wed,) studied this question.