Implications of fossil fuel constraints on economic growth and global warming
Energy Security and Global Warming are analysed as 21st century sustainability threats. Best estimates of future energy availability are derived as an Energy Reference Case (ERC). An explicit economic growth model is used to interpret the impact of the ERC on economic growth. The model predicts a divergence from 20th century equilibrium conditions in economic growth and socio-economic welfare is only stabilised under optimistic assumptions that demands a paradigm shift in contemporary economic thought and focused attention from policy makers. Fossil fuel depletion also constrains the maximum extent of Global Warming. Carbon emissions from the ERC comply nominally with the B1 scenario, which is the lowest emissions case considered by the IPCC. The IPCC predicts a temperature response within acceptance limits of the Global Warming debate for the B1 scenario. The carbon feedback cycle, used in the IPCC models, is shown as invalid for low-emissions scenarios and an alternative carbon cycle reduces the temperature response for the ERC considerably compared to the IPCC predictions. Our analysis proposes that the extent of Global Warming may be acceptable and preferable compared to the socio-economic consequences of not exploiting fossil fuel reserves to their full technical potential.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- R. M. Solow, 1974.
"Intergenerational Equity and Exhaustible Resources,"
Review of Economic Studies,
Oxford University Press, vol. 41(5), pages 29-45.
- R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
- Toman, Michael & Pezzey, John C., 2002. "The Economics of Sustainability: A Review of Journal Articles," Discussion Papers dp-02-03, Resources For the Future.
- Ayres, Robert U. & Turton, Hal & Casten, Tom, 2007. "Energy efficiency, sustainability and economic growth," Energy, Elsevier, vol. 32(5), pages 634-648.
- S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
- Kaufmann, Robert K., 1994. "The relation between marginal product and price in US energy markets : Implications for climate change policy," Energy Economics, Elsevier, vol. 16(2), pages 145-158, April.
- Cleveland, Cutler J. & Kaufmann, Robert K. & Stern, David I., 2000. "Aggregation and the role of energy in the economy," Ecological Economics, Elsevier, vol. 32(2), pages 301-317, February.
- Mitra, Tapan, 1980. "On Optimal Depletion of Exhaustible Resources: Existence and Characterization Results," Econometrica, Econometric Society, vol. 48(6), pages 1431-50, September.
When requesting a correction, please mention this item's handle: RePEc:eee:enepol:v:37:y:2009:i:1:p:166-180. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Shamier, Wendy)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.