Abstract
The key lines of argument to estimate a meaningful degree of efforts to mitigate global warming are outlined. Potential implementations of a policy that strives to limit global warming to 2°C compared to pre-industrial values are discussed. A recent model intercomparison study on mitigation costs is summarized. Conceptual difficulties when internalizing uncertainty in these types of analyses are highlighted and first attempts to overcome them are outlined. For the mitigation technology “carbon capture and storage” it is illustrated that mitigation technologies also require a proper treatment of their side-effects rather than just focusing on their cost-reduction potential in the context of mitigation. Finally, the prospects of climate policy are sketched.
Highlights
In 2007, the Intergovernmental Panel on Climate Change (IPCC) released its latest report
For the remainder of this article, I assume the causal link from greenhouse gas emissions and the increase of global mean temperature as given in order to concentrate on the question what could be rational responses to global warming by the global society
Cost effectiveness analysis (CEA) just asks for the economic loss of a certain environmental target without attempting to trade off that loss against future benefits, and without judging to what extent that target would be economically optimal in any sense
Summary
In 2007, the Intergovernmental Panel on Climate Change (IPCC) released its latest report. Cost effectiveness analysis (CEA) (or, more precisely, “constrained welfare-optimization”) just asks for the economic loss of a certain environmental target without attempting to trade off that loss against future benefits, and without judging to what extent that target would be economically optimal in any sense.
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