Such strategies make economic and environmental sense whether or not the world is moving towards rapid climate change. A substantial range of technically feasible and cost-effective policies and measures for reducing emissions are available today. For example, raising energy efficiency not only reduces greenhouse gas emissions but can also make industries and countries more competitive in international markets. While no-regrets policies are certainly justified, the precautionary principle and the level of net damage expected from climate change justify adopting policies that go beyond no regrets. Although immediate action may sometimes seem more expensive than waiting, delays could lead to greater risks and therefore greater long-term costs.
Governments can choose whether to phase-in emissions cuts slowly or rapidly.
An earlier push to control emissions would increase the long-term flexibility of how humanity works toward stabilizing atmospheric concentrations of greenhouse gases. Many variables need to be considered in the cost equation. The internationally-agreed timetables and targets for emissions reductions, global population and economic trends, and the development of new technologies will all play a role. Many cost-effective policies involve sending the appropriate economic and regulatory signals to national markets. Policies to reduce price distortions and subsidies can increase the efficiency of energy, transport, agricultural, and other markets.