The DOI matches its Crossref record; 10 of the 10 references it cites were found in a registry or an index.
Climate economics support for the UN climate targets
Open accessAbstract
Under the UN Paris Agreement, countries committed to limiting global warming to well below 2 °C and to actively pursue a 1.5 °C limit. Yet, according to the 2018 Economics Nobel laureate William Nordhaus, these targets are economically suboptimal or unattainable and the world community should aim for 3.5 °C in 2100 instead. Here, we show that the UN climate targets may be optimal even in the Dynamic Integrated Climate–Economy (DICE) integrated assessment model, when appropriately updated. Changes to DICE include more accurate calibration of the carbon cycle and energy balance model, and updated climate damage estimates. To determine economically ‘optimal’ climate policy paths, we use the range of expert views on the ethics of intergenerational welfare. When updates from climate science and economics are considered jointly, we find that around three-quarters (or one-third) of expert views on intergenerational welfare translate into economically optimal climate policy paths that are consistent with the 2 °C (or 1.5 °C) target. The economic optimality of limiting global warming to below 2 °C has been questioned. This analysis shows that the 2 °C target is economically optimal in a version of the DICE model that includes updated climate science, climate damage estimates and evidence on social discount rates.
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Citations
Cites
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BackgroundInfluentialNegative emissions—Part 2: Costs, potentials and side effects
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“This is consistent with the literature on larger scale integrated assessment models 69 .”
BackgroundMethodResultInfluentialCountry-level social cost of carbon
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Making carbon pricing work for citizens
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Cited by
Comprehensive evidence implies a higher social cost of CO2
Rennert, K., Errickson, F., Prest, B. C., Rennels, L., Newell, R. G., Pizer, W., Kingdon, C., Wingenroth, J., Cooke, R., Parthum, B., et al. (2022) · Nature · doi:10.1038/s41586-022-05224-9 · Cited by 1,067
Historical development and novel concepts on electrolytes for aqueous rechargeable batteries
Chen, S., Zhang, M., Zou, P., Sun, B., & Tao, S. (2022) · Energy & Environmental Science · doi:10.1039/d2ee00004k · Cited by 308
Cost and emissions pathways towards net-zero climate impacts in aviation
Dray, L., Schäfer, A. W., Grobler, C., Falter, C., Allroggen, F., Stettler, M. E. J., & Barrett, S. R. H. (2022) · Nature Climate Change · doi:10.1038/s41558-022-01485-4 · Cited by 238
Metadata
- Authors
- Hänsel, M. C., Drupp, M. A., Johansson, D. J. A., Nesje, F., Azar, C., Freeman, M. C., Groom, B., & Sterner, T.
- Venue
- Nature Climate Change
- Published
- 2020-07-13
- Volume
- 10
- Issue
- 8
- Pages
- 781-789
- ISSN
- 1758-678X (ISSN-L)
- 1758-6798
- OpenAlex
- W3041865065
- Cited by
- 230
- References
- 10
- FWCI
- 28.22
- Type
- journal article
- Language
- en
- Open access
- hybrid
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- Hänsel, M. C., Drupp, M. A., Johansson, D. J. A., Nesje, F., Azar, C., Freeman, M. C., Groom, B., & Sterner, T. (2020). Climate economics support for the UN climate targets. Nature Climate Change. https://doi.org/10.1038/s41558-020-0833-x
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