Optimal global carbon management with ocean sequestration
AbstractWe investigate the socially optimal intervention in the global carbon cycle. Limiting factors are (i) increasing atmospheric carbon concentration due to fossil fuel-related carbon emissions, and (ii) the inertia of the global carbon cycle itself. Accordingly, we explicitly include the largest non-atmospheric carbon reservoir, the ocean, to achieve a better representation of the global carbon cycle than the proportional-decay assumption usually resorted to in economic models. We also investigate the option to directly inject CO 2 into the deep ocean (a form of carbon sequestration), deriving from this a critical level for ocean sequestration costs. Above this level, ocean sequestration is merely a temporary option; below it, ocean sequestration is the long-term option permitting extended use of fossil fuels. The latter alternative involves higher atmospheric stabilization levels. In this connection it should be noted that the efficiency of ocean sequestration depends on the time-preference and the inertia of the carbon cycle. Copyright 2012 Oxford University Press 2011 All rights reserved, Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 64 (2012)
Issue (Month): 2 (April)
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Other versions of this item:
- Wilfried Rickels & Thomas Lontzek, 2008. "Optimal Global Carbon Management with Ocean Sequestration," Kiel Working Papers, Kiel Institute for the World Economy 1432, Kiel Institute for the World Economy.
- Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
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