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Sensitivity to Energy Technology Costs: A Multi-model Comparison Analysis

Valentina Bosetti (), Giacomo Marangoni, Emanuele Borgonovo, Laura Diaz Anadon, Robert Barron, Haewon C. McJeon, Savvas Politis and Paul Friley
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Giacomo Marangoni: Fondazione Eni Enrico Mattei, CMCC and Politecnico di Milano
Emanuele Borgonovo: Bocconi University
Laura Diaz Anadon: Harvard Kennedy School, Harvard University
Robert Barron: University of Massachusetts Amherst
Haewon C. McJeon: Pacific Northwest National Laboratory, JGCRI
Savvas Politis: Brookhaven National Laboratory
Paul Friley: Brookhaven National Laboratory

No 2015.98, Working Papers from Fondazione Eni Enrico Mattei

Abstract: In the present paper we use the output of multiple expert elicitation surveys on the future cost of key low-carbon technologies and use it as input of three Integrated Assessment models, GCAM, MARKAL_US and WITCH. By means of a large set of simulations we aim to assess the implications of these subjective distributions of technological costs over key model outputs. We are able to detect what sources of technology uncertainty are more influential, how this differs across models, and whether and how results are affected by the time horizon, the metric considered or the stringency of the climate policy. In unconstrained emission scenarios, within the range of future technology performances considered in the present analysis, the cost of nuclear energy is shown to dominate all others in affecting future emissions. Climate-constrained scenarios, stress the relevance, in addition to that of nuclear energy, of biofuels, as they represent the main source of decarbonization of the transportation sector and bioenergy, since the latter can be coupled with Carbon Capture and Storage (CCS) to produce negative emissions.

Keywords: Sensitivity Analysis; Integrated Assessment models; Expert elicitation; Technology Cost (search for similar items in EconPapers)
JEL-codes: O30 O33 Q41 Q50 Q55 (search for similar items in EconPapers)
Date: 2015-10
New Economics Papers: this item is included in nep-ene and nep-env
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Working Paper: Sensitivity to Energy Technology Costs: A Multi-model Comparison Analysis (2016) Downloads
Journal Article: Sensitivity to energy technology costs: A multi-model comparison analysis (2015) Downloads
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