The Economics of Global WarmingThis study examines the costs and benefits of an aggressive program of global action to limit greenhouse warming. An initial chapter summarizes the scientific issues from the standpoint of an economist. The analysis places heavy emphasis on efforts over a long run of 200 to 300 years, with much greater warming and damages than associated with the conventional benchmark (a doubling of carbon dioxide in the atmosphere). Estimates are presented for economic damages, ranging from agricultural losses and sea-level rise to loss of forests, water scarcity, electricity requirements for air conditioning, and several other major effects. A survey of existing model estimates provides the basis for calculation of costs of limiting emissions of greenhouse gases. After a review of the theory of term discounting in the context of very-long-term environmental issues, the study concludes with a cost-benefit estimate for international action and a discussion of policy measures to mobilize the global response. |
Contents
The Scientific Framework and VeryLongTerm Warming | 4 |
The Scientic Basis for the Greenhouse Effect | 13 |
General Circulation Models | 19 |
Copyright | |
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Common terms and phrases
20 percent abatement action afforestation agricultural alternative amount analysis approach atmospheric average backstop baseline benchmark benefit-cost ratio benefits billion calculations capita income carbon dioxide carbon emissions carbon reduction carbon tax carbon-dioxide-equivalent CFCS chapter Climate Change climate sensitivity CO₂ coal consumption cost curve damage deforestation developing countries discount rate discussed economic cost efficiency elasticity energy environmental equation forest fossil fuel function future global warming greenhouse effect greenhouse gases greenhouse warming growth GtC annually hectare higher horizon impact increase industrial countries initial investment IPCC ISBN paper long-term loss Lovins Manne and Richels Manne-Richels marginal utility measures National noncarbon Nordhaus output parameter percent of GDP population price of capital production projections radiative forcing rate of return relatively Resources rise scenario shadow price share social rate SRTP temperature tons of carbon United very-long-term warming Washington zero