Scandinavian Working Papers in Economics
Working Papers in Economics,
University of Gothenburg, Department of Economics
No 363: Economics vs. Physical-based Metrics for Relative Greenhouse Gas Valuations
Daniel J.A. Johansson ()
Additional contact information
Daniel J.A. Johansson: Department of Economics, School of Business, Economics and Law, Göteborg University, Postal: Box 640, SE 40530 GÖTEBORG, and , Division of Physical Resource Theory, Department of Energy and Environment, Chalmers University of Technology, Gothenburg, Sweden
Abstract: A range of alternatives to the Global Warming Potential (GWP) have been suggested in the scientific literature. One of these alternative metrics that has received significant attention is the cost-effective relative valuation of greenhouse gases. However, this metric is based on complex optimising integrated assessment models that are far from transparent to the general scientist or policymaker. Here we present a new analytic metric, the Cost-Effective Temperature Potential (CETP) which is based on an approximation of the cost-effective relative valuation. We show that this metric shares many similarities with the purely physical metric, Global Temperature change Potential (GTP), but that the CETP performs much better as an approximation to the cost-effective relative valuation.
Keywords: GWP; GTP; cost-effectiveness; stabilization; climate change
22 pages, June 2, 2009
Note: Division of Physical Resource Theory, Department of Energy and Environment, Chalmers University of Technology, Gothenburg, Sweden
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