science and economics of climate change


showing carbon taxes in green and cap and trade in purple. The primitive humans did not “live in harmony with nature” as we imagined but develop natural resources in a nonsustainable way. Several recent proposals recommend initial rates around $25 per ton. Gwen Sullivan, in Encyclopedia of Violence, Peace, & Conflict (Second Edition), 2008.

The basic rationale for excluding low-probability high-impact outcomes from assessments of climate change policies seems to be that the associated scientific uncertainty surrounding them is too large to provide a solid basis for policy decisions. U.S. energy intensity (defined as energy consumed per dollar of GDP) has been falling both in times of economic expansion and contraction, allowing the economy to grow even as energy use falls.

Note that marginal abatement costs—the expense of removing one additional ton of carbon—may be higher or lower than the average abatement costs (Gillingham and Stock 2018). The Kyoto Protocol entered into force, however, by the ratification of Russia, which put the fraction of the world emissions of carbon dioxide covered by the ratified countries to over 55% of the world total (UNFCCC, 2005). A reason for this sharp decline (as indicated in figures C and D) is that CO2 emissions from China, India, and other developing countries have grown faster than emissions from the developed countries (though amongst major economies, the United States has one of the highest rates of per capita emissions in the world and is far ahead of China and India [Joint Research Centre 2018]). ScienceDirect ® is a registered trademark of Elsevier B.V. ScienceDirect ® is a registered trademark of Elsevier B.V. URL: https://www.sciencedirect.com/science/article/pii/B9780124078680000100, URL: https://www.sciencedirect.com/science/article/pii/B9780081011096000241, URL: https://www.sciencedirect.com/science/article/pii/B9780123739858000581, URL: https://www.sciencedirect.com/science/article/pii/B9780128151525000129, URL: https://www.sciencedirect.com/science/article/pii/B9780128144473000124, URL: https://www.sciencedirect.com/science/article/pii/B0080430767041681, URL: https://www.sciencedirect.com/science/article/pii/B978044459568300016X, URL: https://www.sciencedirect.com/science/article/pii/B9780128118740000076, URL: https://www.sciencedirect.com/science/article/pii/B9780128144473000100, URL: https://www.sciencedirect.com/science/article/pii/B9780124201347000035, Handbook of Environmental and Sustainable Finance, 2016, Intergovernmental Panel on Climate Change, Disaster Communications in a Changing Media World (Second Edition), Moral corruption in a climate of vulnerability, The Changing Face of Corruption in the Asia Pacific, Climate Change: Cooperation and Human Security, Encyclopedia of Violence, Peace, & Conflict (Second Edition), Climate Change and Sustainable Development, The Economics and Politics of China's Energy Security Transition, Global warming, only one of the challenges mankind is facing, cannot only be used to summarize all the issues of, COCOA—Crowd Collaboration for Climate Adaptation, Gustavo Arciniegas López, ... Cristián Retamal González, in, Transforming Climate Finance and Green Investment with Blockchains, International Encyclopedia of the Social & Behavioral Sciences, Handbook of Computable General Equilibrium Modeling SET, Vols.

In colder regions, mortality rates are sometimes predicted to fall, reflecting decreases in the number of dangerously cold days: Oslo, Norway is projected to experience 230 fewer deaths per 100,000.

The second phase of the Kyoto Protocol failed to be agreed upon at the Copenhagen Conference in 2009, the first year of Mr. Obama's presidency in the United States (UNFCCC, 2007, 2009). The estimates of damages in figure 2 should in that case be thought of as an upper bound for the costs that Hsiang et al. Estimates of SCC range widely and are influenced by assumptions such as discount rates, the shape of the damage function, and projected future economic and emissions growth absent policy to constrain GHG emissions, among others.

The first finding is that six greenhouse gases — carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), and sulfur hexafluoride (SF6) — endanger the public health and welfare of current and future generations. To assess proposals for a national U.S. carbon price, it is important to understand the size of the likely emissions reduction. Another basis for setting the carbon price is in terms of the necessary level for achieving countries’ Paris Agreement commitments; the World Bank has estimated that this requires a carbon price between $40 and $80 per ton (World Bank 2019). Public goods are activities for which the cost of extending the service to an additional person is zero and for which it is impossible or expensive to exclude individuals from enjoying. Each RCP was also formulated by a different modeling team drawing on different elements of the research literature. Technical Support Document: Interagency Working Group on Social Cost of Carbon (2013). In addition, the administration chose to use the discount rates in standard cost benefit analysis of 3 percent and 7 percent rather than using 2.5, 3, and 5 percent as a range of discount rates. Weitzman (2008) has raised the importance of accounting for low probability but high impact outcomes in economic analyses of climate change.

Figure 8 plots some of the key national and U.S. subnational initiatives, When implementing carbon prices, policymakers have tended to start with the power sector and exclude some other emissions sources like energy-intensive manufacturing (Fischer 2019). The scientific consensus is expressed through summary documents offered every several years by the United Nations–sponsored Intergovernmental Panel on Climate Change (IPCC). By continuing you agree to the use of cookies. Oakland, 1987). Proactive adaptation planning stimulates enterprise in a global market for adaptation goods and services. In standard integrated economic assessment models of climate change policies, central or “best-guess” estimates typically are used for all input parameters. A major source of uncertainty is the extent of climate change over the next several decades, which depends largely on future policy choices and economic developments—both of which affect the level of total carbon emissions. Sorry, your blog cannot share posts by email. Songdo city in South Korea, one of the five competing countries, was subsequently selected as the host city of the GCF secretariat (UNFCCC, 2012). Many scientists have suggested that it is critical to avoid increases in temperature beyond 2°C or even 1.5°C—larger temperature increases would produce extreme biophysical impacts and associated human welfare costs.

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