The strategy behind the Kyoto Protocol has no grounding in economics or environmental policy.

An economist is a scoundrel who tells you the way things are rather than the way you want them to be.

Sensible policies on global warming should weight the costs of slowing climate change against the benefits of slower climate change. Ironically, recent policy initiatives, such as the Kyoto Protocol of 1997, have been introduced without any attempt to link the emissions controls with the benefits of the lower emissions.

Attempts to estimate the impacts of climate change continue to be highly speculative.