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Department of Economics, University of Bergen Working Papers in Economics, Department of Economics, University of Bergen

No 05/10:
Climate Engineering: Cost benefit and beyond

Kjetil Gramstad () and Sigve Tjøtta ()

Abstract: International efforts on abating climate change, focusing on reductions of greenhouse gas emissions, have thus far proved unsuccessful. This motivates exploration of other strategies such as climate engineering. We modify the Dynamic Integrated model of Climate and the Economy (DICE), and use it in a cost-benefit analysis of climate engineering specifically deposition of sulphur in the stratosphere. The model simulations show that climate engineering passes a cost-benefit test. The cost of postponing climate engineering by 20-30 years is relatively low. Going beyond these standard cost-benefit analyses, climate engineering may still fail. Voters may dislike the idea of climate engineering; they do not like the idea of tampering with nature, and their dislike stands independent of outcomes of cost-benefit analyses.

Keywords: Climate change; climate engineering; cost-benefit analyses; public choice.; (follow links to similar papers)

JEL-Codes: Q54; Q58; (follow links to similar papers)

25 pages, September 1, 2010

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