Steering the Climate System: An Extended Comment

Linus Mattauch, Richard Millar, Frederick (Rick) van der Ploeg, Armon Rezai, Anselm Schultes, Frank Venmans, Nico Bauer, Simon Dietz, Ottmar Edenhofer, Niall Farrell, Cameron Hepburn, Gunnar Luderer, Jacquelyn Pless (jacquelyn.pless@inet.ox.ac.uk), Fiona Spuler, Nicholas Stern Fba and Alexander Teytelboym

No 7414, CESifo Working Paper Series from CESifo

Abstract: 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.

JEL-codes: H23 Q54 Q58 (search for similar items in EconPapers)
Date: 2018
New Economics Papers: this item is included in nep-ene and nep-env
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Working Paper: Steering the climate system: an extended comment (2018)
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