Climate economics support for the UN climate targets

Thomas Sterner and colleagues have published a Nature Climate Change paper ‘Climate economics support for the UN climate targets’. Link

We explore the effect of a number of updates and modifications to the Nobel laureate William Nordhaus’s DICE – model.

We use an alternative damage function that Peter Howard and I published in the journal Environmental and Resource Economics 2 years ago. We also use a carbon cycle based on the FAIR model and update the energy balance model. These changes actually make it possible to emit more carbon before reaching the 2C level. When it comes to discounting, we draw on a new survey of some 170 expert views on the key discounting parameters delta and eta. There are a couple more modifications such as concerning non-CO2 forces and the availability of net negative emission technologies.

With these modifications, limiting global warming to <2C becomes economically optimal. We take a median view of the experts surveyed for discounting, but also with Nordhaus discounting parameters limiting to 2C is optimal due to the other modifications made.

I think this paper may have quite a big impact and hope you will find it interesting. Since I am anResources for the Future ( RFF) fellow I would love to have this somehow “noticed” at RFF. We could retrospectively make it a working paper or perhaps do a blog or something in RESOURCES – in case you are interested and find it appropriate.

Very sincerely

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