A new Nature Climate Change study shows that the prevailing climate models produced estimates that overshot the temperature rise over the last 15 years by more than 300 percent.

Several studies from this year show that the slowdown could be caused by a natural cycle in the Atlantic or Pacific that caused temperatures to rise more in the 1980s and 1990s but that has slowed or stopped global warming now.

No apocalyptic scenarios

Global warming is real, but it has probably been exaggerated in the past, just as it is being underestimated now.

This highlights the fact that the IPCC has always claimed only that more than half of the temperature rise is due to humans, although in public discussion it has usually been interpreted as all.

As the IPCC emphasizes, climate change is a problem; but the report contains none of the media’s typical apocalyptic scenarios, no alarmism, and no demands from natural scientists to cut emissions by X percent or to lavish subsidies on solar panels.

All of this is almost certain to be lost in the hullabaloo from lobbyists clamoring for action and media organizations hungry for bad news.

Indeed, though the IPCC, according to its own principles, is a policy-neutral organization, its head, Rajendra Pachauri, will explicitly feed the frenzy by insisting that “humanity has pushed the world’s climate system to the brink,” and that we need to complete a “transition away from fossil fuels,” maybe with some kind of “price of carbon.”

As a result, the likely outcome of the report’s release will be more of the same: a welter of scary scenarios, followed by politicians promising huge carbon cuts and expensive policies that have virtually no impact on climate change.

Maybe we should try to alter this scenario. We should accept that there is global warming. But we should also accept that current policies are costly and have little upside.

The European Union will pay US$250 billion for its current climate policies each and every year for 87 years. For almost US$20 trillion, temperatures by the end of the century will be reduced by a negligible 0.05 degrees Celsius.

The current green-energy technologies still cost far too much and produce far too little to replace existing energy sources. To insist on buying these expensive non-solutions is to put the cart before the horse.

What we need is investment in research and development to reduce green energy’s cost and boost its scale. When solar and other green technologies can take over cheaply, we will have addressed global warming - without the angst.

Bjorn Lomborg, an adjunct professor at the Copenhagen Business School, founded and directs the Copenhagen Consensus Center. He is the author of “The Skeptical Environmentalist” and “Cool It.” Copyright: Project Syndicate, 2013.www.project-syndicate.org