English, Article, Journal or magazine article edition: Metrics for Aggregating the Climate Effect of Different Emissions: A Unifying Framework Tol, Richard S. J.; Berntsen, Terje K.; O’Neill, Brian C.; ...

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Bookmark: http://trove.nla.gov.au/version/105662
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Metrics for Aggregating the Climate Effect of Different Emissions: A Unifying Framework
Author
  • Tol, Richard S. J.
  • Berntsen, Terje K.
  • O’Neill, Brian C.
  • Fuglestvedt, Jan S.
  • Shine, Keith P.
  • Balkanski, Yves
  • Makra, Laszlo
Physical Description
  • preprint
Notes
  • Multi-gas approaches to climate change policies require a metric establishing “equivalences” among emissions of various species. Climate scientists and economists have proposed four classes of such metrics and debated their relative merits. We present a unifying framework that clarifies the relationships among them. We show that the Global Warming Potential, used in international law to compare greenhouse gases, is a special case of the Global Damage Potential, assuming (1) a finite time horizon, (2) a zero discount rate, (3) constant atmospheric concentrations, and (4) impacts that are proportional to radiactive forcing. We show that the Global Temperature change Potential is a special case of the Global Cost Potential, assuming (1) no induced technological change, and (2) a short-lived capital stock. We also show that the Global Cost Potential is a special case of the Global Damage Potential, assuming (1) zero damages below a threshold and (2) infinite damage after a threshold. The UN Framework Convention on Climate Change uses the Global Warming Potential, a simplified cost-benefit concept, even though the UNFCCC frames climate policy as a cost-effectiveness problem and should therefore use the Global Cost Potential or its simplification, the Global Temperature Potential.
  • Climate change; multi-gas climate policy; Global Warming Potential; equivalences between greenhouse gases
  • RePEc:esr:wpaper:wp257
Language
  • English
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