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How much will the world benefit from Obama’s climate plan?

On 25 June 2013, President Obama made a major speech on climate change whose over-arching goal was to put the US on track to meet its commitment to cut carbon emissions 17 per cent from 2005 levels by the end of the decade.

It is by no means clear that the plan will succeed in this aim, but if it does, we can reasonably ask how much the world would benefit, from lower temperature rises and less economic and non-economic damage.