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Climate Engineering: Cost benefit and beyond

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Abstract

International 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.

Suggested Citation

  • Gramstad, Kjetil & Tjøtta, Sigve, 2010. "Climate Engineering: Cost benefit and beyond," Working Papers in Economics 05/10, University of Bergen, Department of Economics.
  • Handle: RePEc:hhs:bergec:2010_005
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    1. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, vol. 84(3), pages 359-368, June.
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    1. repec:kap:enreec:v:69:y:2018:i:2:d:10.1007_s10640-016-0104-5 is not listed on IDEAS
    2. Dovern, Jonas & Harnisch, Sebastian & Klepper, Gernot & Platt, Ulrich & Oschlies, Andreas & Rickels, Wilfried, 2015. "Radiation Management: Gezielte Beeinflussung des globalen Strahlungshaushalts zur Kontrolle des anthropogenen Klimawandels," Kiel Discussion Papers 549/550, Kiel Institute for the World Economy (IfW).
    3. Vasiliki Manousi & Anastasios Xepapadeas, "undated". "Mitigation and Solar Radiation Management in Climate Change Policies," DEOS Working Papers 1323, Athens University of Economics and Business.
    4. Massimo Tavoni & Valentina Bosetti & Soheil Shayegh & Laurent Drouet & Johannes Emmerling & Sabine Fuss & Timo Goeschl & Celine Guivarch & Thomas S. Lontzek & Vassiliki Manoussi & Juan Moreno-Cruz & H, 2017. "Challenges and Opportunities for Integrated Modeling of Climate Engineering," MITP: Mitigation, Innovation and Transformation Pathways 263160, Fondazione Eni Enrico Mattei (FEEM).
    5. repec:eee:jeeman:v:87:y:2018:i:c:p:24-41 is not listed on IDEAS
    6. Heutel, Garth & Moreno-Cruz, Juan & Shayegh, Soheil, 2016. "Climate tipping points and solar geoengineering," Journal of Economic Behavior & Organization, Elsevier, vol. 132(PB), pages 19-45.
    7. Johannes Emmerling & Vassiliki Manoussi & Anastasios Xepapadeas, 2016. "Climate Engineering under Deep Uncertainty and Heterogeneity," Working Papers 2016.52, Fondazione Eni Enrico Mattei.
    8. Johannes Emmerling & Massimo Tavoni, 2017. "Quantifying Non-cooperative Climate Engineering," Working Papers 2017.58, Fondazione Eni Enrico Mattei.
    9. Heutel, Garth & Moreno-Cruz, Juan & Shayegh, Soheil, 2018. "Solar geoengineering, uncertainty, and the price of carbon," Journal of Environmental Economics and Management, Elsevier, vol. 87(C), pages 24-41.
    10. Emmerling, Johannes & Tavoni, Massimo, 2017. "Quantifying Non-cooperative Climate Engineering," MITP: Mitigation, Innovation and Transformation Pathways 266289, Fondazione Eni Enrico Mattei (FEEM).

    More about this item

    Keywords

    Climate change; climate engineering; cost-benefit analyses; public choice.;

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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