American Economic Journal:
Economic Policy
ISSN 1945-7731 (Print) | ISSN 1945-774X (Online)
Projections and Uncertainties about Climate Change in an Era of Minimal Climate Policies
American Economic Journal: Economic Policy
vol. 10,
no. 3, August 2018
(pp. 333–60)
(Complimentary)
Abstract
Climate change remains one of the major international environmental challenges facing nations. Up to now, nations have adopted minimal policies to slow climate change. Moreover, there has been no major improvement in emissions trends as of the latest data. The current study uses the updated DICE model to develop new projections of trends and impacts of alternative climate policies. It also presents a new set of estimates of the uncertainties about future climate change and compares the results with those of other integrated assessment models. The study confirms past estimates of likely rapid climate change over the next century if major climate-change policies are not taken. It suggests that it is unlikely that nations can achieve the 2°C target of international agreements, even if ambitious policies are introduced in the near term. The required carbon price needed to achieve current targets has risen over time as policies have been delayed.Citation
Nordhaus, William. 2018. "Projections and Uncertainties about Climate Change in an Era of Minimal Climate Policies." American Economic Journal: Economic Policy 10 (3): 333–60. DOI: 10.1257/pol.20170046Additional Materials
JEL Classification
- Q54 Climate; Natural Disasters and Their Management; Global Warming
- Q58 Environmental Economics: Government Policy