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Climate change

Bo Li on The Macroeconomics of Climate Change: Key Issues, Policy Responses, and International Cooperation

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Heather Rahimi
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Bo Li sits and speaks with Chenggang Xu. Chenggang Xu (left) speaks with Bo Li (right) during a fireside chat. Xinmin Zhao

Stanford alum and Deputy Managing Director at the IMF, Bo Li, joined Stanford Libraries and Stanford Center on China’s Economy and Institutions on April 24 as the guest speaker of the 2024 Dr. Sam-Chung Hsieh Memorial Lecture. During the event, Li expressed his concerns on the global climate crisis and shared insights on the macroeconomic impacts of climate change.

Li opened his speech by asking the audience to raise their hands if they have personally witnessed or experienced the effects of climate change in the recent past. Every single person raised their hand. Li shared that one of the most sobering parts of his job is to hear directly from people of all walks of life how climate change directly impacts their families, communities, and countries. He passionately impressed that “climate change is a major threat to global economic stability, growth, and jobs. Not to mention, lives and health."

Climate change is a major threat to global economic stability, growth, and jobs. Not to mention, lives and health.
Bo Li
Deputy Managing Director at the IMF

Li went on to outline three steps the world should immediately take to mitigate the worst of the climate crisis, for the “cost of inaction will be an order of magnitude higher than the cost of action.” He suggests the following areas of action: 1) All countries must target more ambitious policies to cut emissions; 2) There needs to be a focus on climate finance; 3) Technological innovation and diffusion must continue. In order to address this crisis, countries large and small, wealthy and poor, must work together – Global threats like climate change demand global cooperation. Li concluded his remarks with a call to action, he encouraged everyone to “speak up, hold our leaders accountable, help us make more meaningful progress on this climate crisis.”

For more details on how Li suggests tackling the climate crisis and why it’s so important to do so, watch the recorded event here: 

Photos from the Event

Bo Li speaks with Chenggang Xu during event.
Bo Li speaks with audience member at event.
Audience member asks a question at an event.
Julie Sweetkind-Singer speaks during an event.
Xueguang Zhou speaks with audience member at event.
Chenggang Xu and Bo Li chat before event begins.
Audience members chat before event.
Chenggang Xu speaks at event.
Audience members chat after event.
Bo Li speaks at a podium during event.
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In an event co-sponsored by Stanford Libraries and SCCEI, Bo Li, Deputy Managing Director at the IMF, expressed his concerns on the global climate crisis and shared insights on the macroeconomic impacts of climate change and steps to mitigate the worst of the crisis.

China and U.S. Collaboration on Climate Change with Professor Steven Chu

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The Stanford Center on China's Economy and Institutions (SCCEI) and the Stanford King Center on Global Development held a special event on the potential for China and U.S. collaboration on climate change. 

China and the U.S. are critical for global action on climate change. Together, the two countries created up to 40 percent of global greenhouse gas emissions in 2019, and both countries have significant global influence. This event highlights several important challenges for climate action at the start of the Biden Administration. How can China-U.S. cooperation on climate be revived in light of the current bilateral relationship, in particular for fostering innovations in both technologies and policies for mitigating climate change? 

The special event featured Steven Chu, William R. Kenan Jr. Professor of Physics and Professor of Molecular & Cellular Physiology in the Medical School at Stanford University, and was moderated by Gretchen C. Daily, Bing Professor of Environmental Science and co-founder and faculty director of the Natural Capital Project at Stanford University. 

Watch the recording:

Following the lecture, SCCEI and the King Center hosted a virtual reception for audience members to continue the conversation in small breakout rooms. The Zoom meeting link was distributed at the end of the lecture.

About the Speakers:

Headshot of Dr. Steven Chu
Steven Chu is the William R. Kenan Jr. Professor of Physics and Professor of Molecular & Cellular Physiology in the Medical School at Stanford University. He is currently the Chair of the Board of the American Association for the Advancement of Science (AAAS) and its past President. He has published papers in atomic physics, polymer physics, biophysics, molecular biology, ultrasound imaging, nanoparticle synthesis, batteries and other clean energy technologies.

He served as U.S. Secretary of Energy from January 2009 through April 2013. Prior to that, he was director of the Lawrence Berkeley National Laboratory, professor of Physics and of Molecular and Cell Biology (2004 to 2009) at UC Berkeley, the Francis and Theodore Geballe professor of Physics and Applied Physics at Stanford University (1987 to 2009), a member of the technical staff and head of the Quantum Electronics Research Department at AT&T Bell Laboratories (1978 – 1987).

Dr. Chu is the co-recipient of the 1997 Nobel Prize in Physics for his contributions to laser cooling and atom trapping. He received numerous other awards and is a member of the National Academy of Sciences, the American Philosophical Society, the American Academy of Arts and Sciences and 8 foreign Academies. He received an A.B. degree in mathematics and a B.S. degree in physics from the University of Rochester, and a Ph.D. in physics from the University of California, Berkeley, and 32 honorary degrees.

Headshot of Dr. Gretchen Daily.
Gretchen Daily is Bing Professor of Environmental Science and co-founder and faculty director of the Natural Capital Project at Stanford University.  Her work focuses on understanding the dynamics of change in the biosphere, their implications for human well-being, and the deep societal transformations needed to secure people and nature.  She engages extensively with governments, multilateral development banks, businesses, communities, and NGOs. Daily co-founded the Natural Capital Project, a global partnership that is integrating the values of nature into policy, finance and management globally.  Its tools and approaches are now used in 185 nations through the free and open-source Natural Capital Data & Software Platform.  Daily has published several hundred scientific and popular articles, and a dozen books, including Green Growth that Works: Natural Capital Policy and Finance Mechanisms from Around the World (2019).  Daily is a fellow of the U.S. National Academy of Sciences and has received numerous international honors for her work.

Event Sponsors:
Stanford King Center on Global Development
Stanford Center on China's Economy & Institutions

 

 

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Lawrence H. Goulder

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Shuzo Nishihara Professor of Environmental and Resource Economics
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Lawrence H. Goulder is the Shuzo Nishihara Professor in Environmental and Resource Economics at Stanford University and Director of the Stanford Center for Environmental and Energy Policy Analysis. He is also a Senior Fellow at the Stanford Institute for Economic Policy Research, a Senior Fellow at Stanford's Precourt Institute for the Environment, a Research Associate at the National Bureau of Economic Research; and a University Fellow of Resources for the Future.

Goulder graduated from Harvard College with an A.B. in philosophy in 1973. He obtained a master's degree in musical composition from the Ecole Normale de Musique de Paris in 1975 and earned a Ph.D. in economics from Stanford in 1982. He was a faculty member in the Department of Economics at Harvard before returning to Stanford's economics department in 1989.

Goulder's research covers a range of environmental issues, including green tax reform, the design of environmental tax systems and emissions trading policies, climate change policy, and comprehensive wealth measurement ("green" accounting). He has served on several advisory committees to the US Environmental Protection Agency’s Science Advisory Board and the California Air Resources Board, and as co-editor of the Journal of Environmental Economics and Management and the Review of Environmental Economics and Policy.

His work often employs a general equilibrium framework that integrates the economy and the environment and links the activities of government, industry, and households. The research considers both the aggregate benefits and costs of various policies as well as the distribution of policy impacts across industries, income groups, and generations. Some of his work involves collaborations with climatologists and biologists.

At Stanford Goulder teaches undergraduate and graduate courses in environmental economics and policy, and co-organizes weekly seminars in public and environmental economics.

Senior Fellow at the Stanford Institute for Economic Policy Research
Faculty Affiliate at the Stanford Center on China's Economy and Institutions
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