European Stabilization Targets: What do they Bring, How much do they Cost?

This paper is a synthesis of serveral observations, not many of which have been published or discussed in detail, covering differences in climate change policy between North America and Western Europe (of small and rich European countries in paricular), a systematic overstimation of mitgation cost by additional energy efficiency improvements in energy models, and a cost evaluation of climate change policy in Germany where sone 5 per cent of the gross domestic poduct (GDP) increase would be needed to meet the 25 per cent emissions reduction target by 2005, a small price in the eyes of the author for reducing the anticipated risks.