Nobelist Gary Becker on discount rates for global warming estimates

Some alarmists would have a discount rate near 0%, which doesn't square with time value. Read the whole thing.

WSJ (subscription required) pokes scientific holes in the UN-sponsored IPCC study:

More pertinent is the underlying scientific report. And according to people who have seen that draft, it contains startling revisions of previous U.N. predictions. For example, the Center for Science and Public Policy has just released an illuminating analysis written by Lord Christopher Monckton, a one-time adviser to Margaret Thatcher who has become a voice of sanity on global warming.

Take rising sea levels. In its 2001 report, the U.N.'s best high-end estimate of the rise in sea levels by 2100 was three feet. Lord Monckton notes that the upcoming report's high-end best estimate is 17 inches, or half the previous prediction. Similarly, the new report shows that the 2001 assessment had overestimated the human influence on climate change since the Industrial Revolution by at least one-third.

Such reversals (and there are more) are remarkable, given that the IPCC's previous reports, in 1990, 1995 and 2001, have been steadily more urgent in their scientific claims and political tone. It's worth noting that many of the policymakers who tinker with the IPCC reports work for governments that have promoted climate fears as a way of justifying carbon-restriction policies. More skeptical scientists are routinely vetoed from contributing to the panel's work. The Pasteur Institute's Paul Reiter, a malaria expert who thinks global warming would have little impact on the spread of that disease, is one example.

U.N. scientists have relied heavily on computer models to predict future climate change, and these crystal balls are notoriously inaccurate. According to the models, for instance, global temperatures were supposed to have risen in recent years. Yet according to the U.S. National Climate Data Center, the world in 2006 was only 0.03 degrees Celsius warmer than it was in 2001 -- in the range of measurement error and thus not statistically significant.

The models also predicted that sea levels would rise much faster than they actually have. The models didn't predict the significant cooling the oceans have undergone since 2003 -- which is the opposite of what you'd expect with global warming. Cooler oceans have also put a damper on claims that global warming is the cause of more frequent or intense hurricanes. The models also failed to predict falling concentrations of methane in the atmosphere, another surprise.

Meanwhile, new scientific evidence keeps challenging previous assumptions. The latest report, for instance, takes greater note of the role of pollutant particles, which are thought to reflect sunlight back to space, supplying a cooling effect. More scientists are also studying the effect of solar activity on climate, and some believe it alone is responsible for recent warming.

I am still waiting for these.