In today's WSJ, R. Paul Thompson makes the case for new drought-resistant hybrid corn produced by Monsanto. He argues that such GMO crops will allow us to grow corn even when Mother Nature doesn't provide much rain. Note the following "rational expectations logic" in his article;
"Rising world-wide affluence, particularly in countries such as China and India, will place ever greater demands on food production and, in turn, on water resources. These increases will amplify agriculture's negative impact on the environment.
Better to act now to blunt those effects by learning how to produce food using less water, fewer pesticides, herbicides and synthetic fertilizers. Drought-resistant crops may become a vital tool in achieving those aims."
This is how adaptation to climate change will take place. With millions of small investment decisions similar to this one. No world leader, Putin?, will shield you from risk. Instead, self interested companies and individuals pursuing their own self interest will make such investments and a safer world will emerge. Given that we are not reducing our GHG emissions, what is your "back up" plan?
