No. 2018-17- Steering the climate system: an extended comment
Date: 10 December 2018Lemoine and Rudik (2017) argue that it is efficient to delay re- ducing carbon emissions, because there is substantial inertia in the climate system. However, this conclusion rests upon misunderstand- ing the relevant climate physics: there is no substantial lag between CO2 emissions and warming, which policy could rely upon. Applying a mainstream climate physics model to the economics of Lemoine and Rudik (2017) invalidates the article’s implications for climate policy: the cost-effective carbon price that limits warming to a range of targets including 2◦C starts high and increases at the interest rate.
Cameron Hepburn Simon Dietz Nicholas Stern Alexander Teytelboym Richard Millar Linus Mattauch Jacquelyn Pless Ottmar Edenhofer Anselm Schultes Niall Farrell Frederick van der Ploeg Armon Rezai Frank Venmans Nico Bauer Gunnar Luderer Fiona Spuler
No. 2018-17 - Steering the climate system: an extended comment
Mattauch, L. et. al. (2018). 'Steering the climate system: an extended comment'. INET Oxford Working Paper No. 2018-17.