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The value of technology and of its evolution towards a low carbon economy

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  • Massimo Tavoni

    ()

  • Enrica Cian
  • Gunnar Luderer
  • Jan Steckel
  • Henri Waisman

Abstract

This paper assesses the economic value associated with the development of various low-carbon technologies in the context of climate stabilization. We analyze the impact of restrictions on the development of specific mitigation technologies, comparing three integrated assessment models used in the RECIPE comparison exercise. Our results indicate that the diversification of the carbon mitigation portfolio is an important determinant of the feasibility of climate policy. Foregoing specific low carbon technologies raises the cost of achieving the climate policy, though at different rates. CCS and renewables are shown to have the highest value, given their flexibility and wide coverage. The costs associated with technology failure are shown to be related to the role that each technology plays in the stabilization scenario, but also to the expectations about their technological progress. In particular, the costs of restriction of mature technologies can be partly compensated by more innovation and technological advancement. Copyright Springer Science+Business Media B.V. 2012

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Bibliographic Info

Article provided by Springer in its journal Climatic Change.

Volume (Year): 114 (2012)
Issue (Month): 1 (September)
Pages: 39-57

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Handle: RePEc:spr:climat:v:114:y:2012:i:1:p:39-57

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Web page: http://www.springer.com/economics/journal/10584

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  1. Jean-Charles Hourcade & Olivier Sassi & Renaud Crassous & Vincent Gitz & Henri Waisman & Céline Guivarch, 2010. "IMACLIM-R: a modelling framework to simulate sustainable development pathways," Post-Print hal-00566290, HAL.
  2. Richels, Richard G. & Blanford, Geoffrey J., 2008. "The value of technological advance in decarbonizing the U.S. economy," Energy Economics, Elsevier, vol. 30(6), pages 2930-2946, November.
  3. Bosetti, Valentina & Carraro, Carlo & Duval, Romain & Tavoni, Massimo, 2010. "What Should we Expect from Innovation? A Model-Based Assessment of the Environmental and Mitigation Cost Implications of Climate-Related R&D," CEPR Discussion Papers 7751, C.E.P.R. Discussion Papers.
  4. Clarke, Leon & Weyant, John & Edmonds, Jae, 2008. "On the sources of technological change: What do the models assume," Energy Economics, Elsevier, vol. 30(2), pages 409-424, March.
  5. Ottmar Edenhofer, Kai Lessmann, Claudia Kemfert, Michael Grubb and Jonathan Kohler , 2006. "Induced Technological Change: Exploring its Implications for the Economics of Atmospheric Stabilization: Synthesis Report from the Innovation Modeling Comparison Project," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 57-108.
  6. Nemet, Gregory F. & Kammen, Daniel M., 2007. "U.S. energy research and development: Declining investment, increasing need, and the feasibility of expansion," Energy Policy, Elsevier, vol. 35(1), pages 746-755, January.
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Citations

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Cited by:
  1. Enrica Cian & Samuel Carrara & Massimo Tavoni, 2014. "Innovation benefits from nuclear phase-out: can they compensate the costs?," Climatic Change, Springer, vol. 123(3), pages 637-650, April.
  2. Edenhofer, Ottmar & Hirth, Lion & Knopf, Brigitte & Pahle, Michael & Schlömer, Steffen & Schmid, Eva & Ueckerdt, Falko, 2013. "On the economics of renewable energy sources," Energy Economics, Elsevier, vol. 40(S1), pages S12-S23.
  3. Waisman, Henri & Rozenberg, Julie & Hourcade, Jean Charles, 2013. "Monetary compensations in climate policy through the lens of a general equilibrium assessment: The case of oil-exporting countries," Energy Policy, Elsevier, vol. 63(C), pages 951-961.
  4. Bradford Griffin & Pierre Buisson & Patrick Criqui & Silvana Mima, 2014. "White Knights: will wind and solar come to the rescue of a looming capacity gap from nuclear phase-out or slow CCS start-up?," Climatic Change, Springer, vol. 123(3), pages 623-635, April.
  5. Chen, Hong & Long, Ruyin & Niu, Wenjing & Feng, Qun & Yang, Ranran, 2014. "How does individual low-carbon consumption behavior occur? – An analysis based on attitude process," Applied Energy, Elsevier, vol. 116(C), pages 376-386.
  6. Fujii, Hidemichi & Managi, Shunsuke, 2013. "Which industry is greener? An empirical study of nine industries in OECD countries," Energy Policy, Elsevier, vol. 57(C), pages 381-388.
  7. Fujii, Hidemichi & Managi, Shunsuke, 2012. "Which Industry is Greener? Empirical Study for Nine Industries in OECD Countries," MPRA Paper 44229, University Library of Munich, Germany.
  8. Patrick Criqui & Silvana Mima & Philippe Menanteau & Alban Kitous, 2014. "Mitigation strategies and energy technology learning: an assessment with the POLES model," Post-Print halshs-00999280, HAL.

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