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 |
Science and the Emergence of the Policy Issue | 13 |
General Circulation Models | 19 |
Copyright | |
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Common terms and phrases
20 percent abatement action afforestation agricultural alternative amount analysis approximately atmospheric average baseline benchmark benefit-cost ratio benefits calculations capita income carbon dioxide carbon emissions carbon reduction carbon tax carbon-dioxide-equivalent doubling central estimate CFCS chapter Climate Change climate sensitivity coal consumption cost curve damage deforestation developing countries discount rate discussed economic cost efficiency elasticity energy environmental equation equilibrium expected forest fossil fuel future global warming greenhouse effect greenhouse gases growth hectare higher horizon impact increase industrial countries initial investment IPCC ISBN paper long term loss Manne and Richels Manne-Richels marginal utility measures Nordhaus output ozone percent of GDP pollution population potential price of capital production projections radiative forcing rate of return relatively SAN DIEGO scenario sea-level rise shadow price social rate SRTP temperature tons of carbon trace gases United very-long-term warming