Clouds substantially affect Earth’s energy budget by reflecting solar radiation back to space and by restricting emission of thermal radiation to space. They are perhaps the largest uncertainty in our understanding of climate change, owing to disagreement among climate models and observational datasets over what cloud changes have occurred during recent decades and will occur in response to global warming.

The literature on the costs of climate change often draws a link between climatic ‘tipping points’ and large economic shocks, frequently called ‘catastrophes’. The phrase ‘tipping points’ in this context can be misleading. In popular and social scientific discourse, ‘tipping points’ involve abrupt state changes. For some climatic ‘tipping points,’ the commitment to a state change may occur abruptly, but the change itself may be rate-limited and take centuries or longer to realize.