Economics vs. Physical-based Metrics for Relative Greenhouse Gas Valuations

Daniel J.A. Johansson ()
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Daniel J.A. Johansson: Department of Economics, School of Business, Economics and Law, Göteborg University, Postal: Box 640, SE 40530 GÖTEBORG, and , Division of Physical Resource Theory, Department of Energy and Environment, Chalmers University of Technology, Gothenburg, Sweden

No 363, Working Papers in Economics from University of Gothenburg, Department of Economics

Abstract: A range of alternatives to the Global Warming Potential (GWP) have been suggested in the scientific literature. One of these alternative metrics that has received significant attention is the cost-effective relative valuation of greenhouse gases. However, this metric is based on complex optimising integrated assessment models that are far from transparent to the general scientist or policymaker. Here we present a new analytic metric, the Cost-Effective Temperature Potential (CETP) which is based on an approximation of the cost-effective relative valuation. We show that this metric shares many similarities with the purely physical metric, Global Temperature change Potential (GTP), but that the CETP performs much better as an approximation to the cost-effective relative valuation.

Keywords: GWP; GTP; cost-effectiveness; stabilization; climate change (search for similar items in EconPapers)
JEL-codes: Q54 Q58 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2009-06-02
New Economics Papers: this item is included in nep-env
Note: Division of Physical Resource Theory, Department of Energy and Environment, Chalmers University of Technology, Gothenburg, Sweden
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