Climate engineering: cost benefit and beyond
AbstractInternational efforts on abating climate change, focusing on reductions of greenhouse gas emissions, have thus far proved unsuccessful. This motivates exploration of other strategies such as climate engineering. We modify the Dynamic Integrated model of Climate and the Economy (DICE), and use it in a cost-benefit analysis of climate engineering specifically deposition of sulphur in the stratosphere. The model simulations show that climate engineering passes a cost-benefit test. The cost of postponing climate engineering by 20-30 years is relatively low. Going beyond these standard cost-benefit analyses, climate engineering may still fail; voters may dislike the idea of climate engineering; they do not like the idea of tampering with nature, and their dislike stands independent of outcomes of cost-benefit analyses.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 27302.
Date of creation: 23 Sep 2010
Date of revision:
Climate change; climate engineering; cost-benefit analyses; public choice.;
Other versions of this item:
- Gramstad, Kjetil & Tjøtta, Sigve, 2010. "Climate Engineering: Cost benefit and beyond," Working Papers in Economics, University of Bergen, Department of Economics 05/10, University of Bergen, Department of Economics.
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
- Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-12-18 (All new papers)
- NEP-CMP-2010-12-18 (Computational Economics)
- NEP-ENE-2010-12-18 (Energy Economics)
- NEP-ENV-2010-12-18 (Environmental Economics)
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