In this paper I review methodologies to assess strategies of greenhouse gas emissions reduction by installing existing technologies and by investing in research and development of advanced technologies, expressed as ‘greenhouse insurance’ by Manne and Richels (Buying greenhouse insurance: the economic costs of CO2 emissionlimits. The MIT Press, Cambridge, 1992), under several sorts of uncertainty. While the authors of some advanced studies have applied exogenous and endogenous stochastic processes to deal with the uncertainty in their mathematical models on the economic assessment of climate change, this review points out some room for improving these approaches in ways that will result in more reasonable hedging strategies to cope with uncertain climate change, taking into account up-to-date research trends.