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Optimal Global Carbon Management with Ocean Sequestration

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  • Wilfried Rickels
  • Thomas Lontzek

Abstract

We investigate the socially optimal anthropogenic intervention into the global carbon cycle. The limiting factor for this intervention is the accumulation of carbon in the atmosphere, which causes global warming. We apply a simplified two-box model to incorporate aspects of the global carbon cycle in a more appropriate way than a simple proportional decay assumption does. Anthropogenic intervention into the global carbon cycle enters the model as the amount of CO2 emitted into the atmosphere and the amount of CO2 injected into the deep ocean for purposes of sequestration. We derive a critical cost level for sequestration above which sequestration is just a temporary option or below which it is the long-run option allowing extended use of fossil fuels. The second option involves higher atmospheric stabilization levels, whereby the efficiency of sequestration depends on the time preference and the inertia of the carbon cycle

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File URL: https://www.ifw-members.ifw-kiel.de/publications/optimal-global-carbon-management-with-ocean-sequestration/KW1432.pdf
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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1432.

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Length: 36 pages
Date of creation: Jul 2008
Date of revision:
Handle: RePEc:kie:kieliw:1432

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Keywords: Climate Change; Global Carbon Cycle; CO2 Emissions; Sequestration;

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  1. Tahvonen, O. & Withagen, C.A.A.M., 1996. "Optimality of irreversible pollution accumulation," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3107026, Tilburg University.
  2. Forster, Bruce A., 1975. "Optimal pollution control with a nonconstant exponential rate of decay," Journal of Environmental Economics and Management, Elsevier, vol. 2(1), pages 1-6, September.
  3. Toman, Michael A. & Withagen, Cees, 2000. "Accumulative pollution, "clean technology," and policy design," Resource and Energy Economics, Elsevier, Elsevier, vol. 22(4), pages 367-384, October.
  4. Olli Tahvonen, 1997. "Fossil Fuels, Stock Externalities, and Backstop Technology," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 30(4), pages 855-74, November.
  5. Farzin, Y H & Tahvonen, O, 1996. "Global Carbon Cycle and the Optimal Time Path of a Carbon Tax," Oxford Economic Papers, Oxford University Press, vol. 48(4), pages 515-36, October.
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Cited by:
  1. Wilfried Rickels & Katrin Rehdanz & Andreas Oschlies, 2009. "Accounting aspects of ocean iron fertilization," Kiel Working Papers 1572, Kiel Institute for the World Economy.
  2. Niko Jaakkola, 2013. "Monopolistic Sequestration of European Carbon Emissions," OxCarre Working Papers, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford 098, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  3. Alain Jean-Marie & Michel Moreaux & Mabel Tidball, 2011. "Carbon sequestration in leaky reservoirs," Post-Print, HAL hal-00863230, HAL.

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