Political efforts to address climate change have developed greatly in the last 20 years. In 1992, at the Rio Summit, the UN Framework Convention on Climate Change (UNFCCC) was established. Then, in 1997, despite its flaws, the Kyoto Protocol set targets to curb greenhouse gas emissions on a number of industrialized countries emissions between 2008 and 2012. These developments have been driven by advances in the natural and social sciences over the last 30 years, coupled with more recent media attention and NGO campaigns. They have also coincided with a rising public awareness of the existence of climate change and its physical and economic threats (Whitmarsh, 2011), creating a broader demand for climate stability. While natural scientists identified the relationship between greenhouse gas concentrations and climate change, and highlighted many of the threats, social scientists and particularly economists have played a crucial role in developing strategies for mitigating climate change (Nordhaus, 1977, 1991; Cline, 1992; IPCC, 2007). Economists have been influential in arguing that the costs of mitigation may not be as great as many industrialists claimed (Porter, 1991; Fischer and Newell, 2008) and that there may be substantial benefits (Stern, 2006; Sterner and Persson, 2008).