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The Center on Global Energy Policy (CGEP) at Columbia University’s School of International and Public Affairs (SIPA), in partnership with Columbia SIPA’s Institute of Global Politics (IGP), today announced the launch of a new Trade and Clean Energy Transition Program.
Announcement• July 10, 2024
Energy Explained
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The rapid expansion of artificial intelligence (AI), especially Large Language Models (LLMs) such as GPT-3 and Gemini on which the now well-known ChatGPT AI and Gemina assistant systems...
Russia’s energy exports, including its significant natural gas capacity, are geopolitical currency for the country. Before Russia’s invasion of Ukraine, Russia was Europe’s single largest supplier of imported...
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The social cost of carbon (SCC) is commonly described and used as the optimal CO2 price. However, the wide range of SCC estimates provides limited practical assistance to policymakers setting specific CO2 prices. Here we describe an alternate near-term to net zero (NT2NZ) approach, estimating CO2 prices needed in the near term for consistency with a net-zero CO2 emissions target. This approach dovetails with the emissions-target-focused approach that frames climate policy discussions around the world, avoids uncertainties in estimates of climate damages and long-term decarbonization costs, offers transparency about sensitivities and enables the consideration of CO2 prices alongside a portfolio of policies. We estimate illustrative NT2NZ CO2 prices for the United States; for a 2050 net-zero CO2 emission target, prices are US$34 to US$64 per metric ton in 2025 and US$77 to US$124 in 2030. These results are most influenced by assumptions about complementary policies and oil prices.