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CGEP scholars reflect on some of the standout issues of the day during this year's Climate Week
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Trade tensions between the US and China have hit a new high mark. Last week, after China announced plans to ratchet up its export controls of some rare-earths...
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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.
CGEP scholars reflect on some of the standout issues of the day during this year's Climate Week
World leaders are meeting in New York this month at the request of the United Nations Secretary-General António Guterres to discuss the state of global ambition on climate change.
A key component of the Paris Agreement is Article 6, which introduces a framework to facilitate voluntary cooperation between―primarily using carbon credit trading―to help achieve their nationally determined contributions (NDCs) more cost-effectively.
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External Publications by Noah Kaufman & Peter Marsters • August 17, 2020