Policies, Projections, and the Social Cost of Carbon: Results from the DICE-2023 Model

Lint Barrage and William Nordhaus ()
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Lint Barrage: ETH Zurich
William Nordhaus: Cowles Foundation, Yale University

No 2363, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: The present study examines the assumptions, modeling structure, and preliminary results of DICE-2023, the revised Dynamic Integrated Model of Climate and the Economy (DICE), updated to 2023. The revision contains major changes in the carbon and climate modules, the treatment of non-industrial greenhouse gases, discount rates, as well as updates on all the major components. The major changes are a significant reduction in the target for the optimal (cost-beneficial) temperature path, a lower cost of reaching the 2 ¡C target, an analysis of the impact of the Paris Accord, and a major increase in the estimated social cost of carbon.

Pages: 43 pages
Date: 2023-02
New Economics Papers: this item is included in nep-ene, nep-env and nep-res
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