Development of a risk-hedging CO2-emission policy, part I: Risks of unrestrained emissions

Abstract

A rational global strategy with respect to greenhouse-gas emissions would seek to minimize total risk, which is the sum of the risk of negative impacts due to climatic change associated with a given level of emissions, and the risks associated with the process of achieving that emission level. Given the existence of reducible uncertainties in estimating these risks, and the possibility that an emission target thought to minimize total risk is later found to be not strict enough, a risk-hedging strategy is a more realistic policy objective. This paper is Part I of a two-part series in which these risks are reviewed and an interim risk-hedging emission level is proposed. Here, the risks associated with unrestrained greenhouse-gas emissions are reviewed. In particular, the carbon-cycle response to continuing CO2 emissions; the heat trapping of projected greenhouse gas increases in comparison to other anthropogenic and natural heating or cooling perturbations; the climatic response to heating perturbations; and the impacts of projected climatic change on global agriculture, forests, coastal regions, coral reefs, water resources, terrestrial species, stratospheric and tropospheric ozone, and human comfort and welfare are critically examined. It is concluded that unrestrained emissions of greenhouse gases pose real and substantial risks to human societies and to ecosystems, and that these risks are likely to grow substantially if the climate warms beyond that associated with a CO2 doubling. These risks clearly justify some action to limit emissions. The magnitude of emission restraint that is justified depends not only on the risks reviewed here, but also on the risks associated with measures to limit greenhouse-gas emissions, which are reviewed in Part II.