Potsdam Institute for Climate Impact Research (PIK); Mercator Research Institute on Global Commons and Climate Change (MCC); Technische Universität Berlin (TU Berlin)
Lemoine and Rudik (2017) argue that it is efficient to delay reducing carbon emissions, because there is substantial inertia in the climate system. However, this conclusion rests upon misunderstanding the relevant climate physics: there is no substantial lag between CO2 emissions and warming, which policy could rely upon. Applying a mainstream climate physics model to the economics of Lemoine and Rudik (2017) invalidates the article’s implications for climate policy: the cost-effective carbon price that limits warming to a range of targets including 2 oC starts high and increases at the interest rate.
Mattauch, Linus and Millar, Richard and van der Ploeg, Frederick and Rezai, Armon and Schultes, Anselm and Venmans, Frank and Bauer, Nico and Dietz, Simon and Edenhofer, Ottmar and Farrell, Niall and Hepburn, Cameron and Luderer, Gunnar and Pless, Jacquelyn and Spuler, Fiona and Stern, Nicholas and Teytelboym, Alexander, Steering the Climate System: An Extended Comment (2018). CESifo Working Paper No. 7414, Available at SSRN: https://ssrn.com/abstract=3338768 or http://dx.doi.org/10.2139/ssrn.3338768
Political Economy - Development: Environment eJournal
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