Policy debates on climate change have long been focused on abstract ideas. For investors, the obsession with bold, unachievable goals make it hard to know where to put their capital. We need to recognize that many of our old climate goals, such as slashing global emissions to zero very soon or eliminating sales of gas-powered cars, were never attainable. Admitting that is the first step to a new, more mature phase of climate action — one more anchored in reality and thus better equipped to focus debate on real trade-offs.

Climate Goals Are Becoming More Realistic. That’s Good News.

By David G. Victor

Dr. Victor is a professor of innovation and public policy at the University of California, San Diego, and a nonresident senior fellow at the Brookings Institution.