Preserving the Ocean Circulation: Implications for Climate Policy

Klaus Keller, Kelvin Tan, Francois M.M. Morel and David F. Bradford

No 7476, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Climate modelers have recognized the possibility of abrupt climate changes caused by a reorganization of the North Atlantic's current pattern (technically known as a thermohaline circulation collapse). This circulation system now warms north-western Europe and transports carbon dioxide to the deep oceans. The posited collapse of this system could produce severe cooling in north-western Europe, even when general global warming is in progress. In this paper we use a simple integrated assessment model to investigate the optimal policy response to this risk. Adding the constraint of avoiding a thermohaline circulation collapse would significantly reduce the allowable greenhouse gas emissions in the long run along an optimal path. Our analysis implies that relatively small damages associated with a collapse (less than 1 % of gross world product) would justify a considerable reduction of future carbon dioxide emissions.

JEL-codes: Q20 Q30 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-env
Date: 2000-01
Note: PE
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Working Paper: Preserving the Ocean Circulation: Implications for Climate Policy (1999)
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