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Climate Feedbacks on the Terrestrial Biosphere and the Economics of Climate Policy: An Application of FUND. ESRI WP288, April 2009

Tol, Richard S.J. (2009) Climate Feedbacks on the Terrestrial Biosphere and the Economics of Climate Policy: An Application of FUND. ESRI WP288, April 2009. [Working Paper]

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    Abstract

    Previous versions of the FUND model assumed, like many integrated assessment models, that the carbon cycle is independent of climate change. I here introduce a feedback through which warming leads to higher net emissions. This increases the atmospheric concentration of carbon dioxide in the year 2100 by 100 (20-200) ppm. This leads to a higher estimate of the Pigou tax. The benefit of emission reduction now includes the direct benefits of lower emissions as well as the indirect benefits of a smaller feedback, but the latter effect is small. For any given stabilization target, abatement costs are substantially higher with the climate feedback than without. Abatement costs become sensitive to assumptions about climate change. Non-CO2 emission reduction becomes essential for meeting CO2 concentration targets. For pessimistic assumptions about the strength of the feedback, model results (for the 21st century) become sensitive to small variations in parameters.

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    Item Type: Working Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > environmental policy (including international arena)
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Economic and Social Research Institute (ESRI), Dublin > ESRI Working Papers
    Depositing User: Alyssa McDonald
    Official EU Document: No
    Language: English
    Date Deposited: 13 Dec 2018 13:17
    Number of Pages: 25
    Last Modified: 13 Dec 2018 13:17
    URI: http://aei.pitt.edu/id/eprint/87832

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