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Long before crowdsourcing became a worldwide phenomenon, “Harambee” (“pulling together”) was the Kenyan national motto. In postcolonial Kenya, fundraising became a way to build schools and hospitals and...
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External Publications by Noah Kaufman & Peter Marsters • August 17, 2020
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.
Three CGEP scholars weigh in on the consequences of the Biden administration’s decision to pause pending approvals of liquefied natural gas (LNG) exports from the US to non-free...
How COP28 Demonstrated What’s Missing From Climate Diplomacy
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External Publications by Noah Kaufman & Peter Marsters • August 17, 2020