Multi-Gas Emission Reduction for Climate Change Policy: An Application of Fund
Richard Tol ()
The Energy Journal, 2006, vol. Multi-Greenhouse Gas Mitigation and Climate Policy, issue Special Issue #3, 235-250
The costs of greenhouse gas emission reduction with abatement of carbon dioxide, methane, and nitrous oxide are investigated using the FUND model. The central policy scenario keeps anthropogenic radiative forcing below 4.5 Wm2. If COemission reduction were the only possibility to meet this target, 2 the net present value of consumption losses would be $45 trillion; with abatement of the other gases added, costs fall to $33 trillion. The bulk of these costs savings can be ascribed to reductions of nitrous oxide. Because nitrous oxide emission reduction is so much more important than methane emission reduction, the choice of equivalence metric between the greenhouse gases does not matter much. Sensitivity analyses show that the shape of the cost curves for CH4 and N2O emission reductions matter, and that the inclusion of sulphate aerosols makes policy targets substantially harder to achieve. The costs of emission reduction vary greatly with the choice of stabilisation target. A target of 4.5 Wm-2 is not justified by our current knowledge of the damage costs of climate change.
JEL-codes: F0 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (25) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to IAEE members and subscribers.
Working Paper: MULTI-GAS EMISSION REDUCTION FOR CLIMATE CHANGE POLICY: AN APPLICATION OF FUND (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:aen:journl:2006se_weyant-a11
Ordering information: This journal article can be ordered from
Access Statistics for this article
More articles in The Energy Journal from International Association for Energy Economics Contact information at EDIRC.
Bibliographic data for series maintained by David Williams ().