All in all, it can be said that there is still great controversy about the question whether the earth is warming and, if it is, whether this can be ascribed to man-made emissions of CO ₂ and other greenhouse gases. It is also uncertain whether any global warming has harmful effects or even positive effects (e.g. stimulation of plant growth as a result of higher temperatures and CO ₂ concentrations). With regard to the cost- benefit analysis of measures to reduce man-made greenhouse gas emissions in line with the Marrakech agreement, it can be pointed out that the beneficial effect is almost zero, whereas the costs will probably run to trillions of dollars worldwide over a period of ten years. Those who attach great value to the precautionary principle regard this insurance premium as justified. But critics point out that mankind is also confronted with a range of other risks. Rich and affluent societies are better able to adjust to changes of all kinds, and can protect themselves against various types of risk. For that reason, they regard the loss of scarce resources that flows on from large-scale measures to prevent (supposed) global warming as a waste of money. Finally, there are major political, economic and technical objections to the proposed mechanisms to reduce man-made emissions of greenhouse gases, in particular tradable CO ₂ emission rights. A solution is not in sight.

Our analysis aimed at the unravelling of the dogma of man-made climate change demonstrates that...