And raising that discount rate really does lower that social cost of carbon emissions.

FORBES: Nature on Uncertainty: Climate Change is Less Important Than We Thought

Well, it means that Stern is wrong in his discount rate, that the currently assumed social cost of carbon emissions is too high, that we should almost certainly be doing less about climate change than is currently planned and finally, that we should, again almost certainly, aim for more economic growth even at the expense of carbon emissions and climate change than is currently thought optimal.

FORBES: Nature on Uncertainty: Climate Change is Less Important Than We Thought

Thus that risk must be raised: which in turn raises the discount rate that must be used and lowers the social cost of carbon emissions in the present.

FORBES: Nature on Uncertainty: Climate Change is Less Important Than We Thought