Template-Type: ReDIF-Paper 1.0
Title: Steering the climate system: an extended comment
Abstract: Lemoine and Rudik (2017) argue that it is efficient to delay reducing carbon emissions, because there is substantial inertia in the climate system. However, this conclusion rests upon misunderstanding 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.
Author-Name: Mattauch, Linus
Author-Name: Hepburn, Cameron
Author-Name: Millar, Richard
Author-Name: van der Ploeg, Frederick
Author-Name: Rezai, Armon
Author-Name: Schultes, Anselm
Author-Name: Venmans, Frank
Author-Name: Bauer, Nico
Author-Name: Dietz, Simon
Author-Name: Edenhofer, Ottmar
Author-Name: Farrell, Niall
Author-Name: Luderer, Gunnar
Author-Name: Pless, Jacquelyn
Author-Name: Spuler, Fiona
Author-Name: Stern, Nicholas
Author-Name: Teytelboym, Alexander
File-URL: https://oms-inet.files.svdcdn.com/production/files/Physics_matters_WP.pdf
File-Format: Application/pdf
File-Function: 
Length: 35 pages
Classification-Jel: H23, Q54, Q58
Creation-Date: 2018-12
Handle: RePEc:amz:wpaper:2018-17