Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/180321
Authors: 
Moreno-Cruz, Juan
Wagner, Gernot
Keith, David W.
Year of Publication: 
2018
Series/Report no.: 
CESifo Working Paper No. 7059
Abstract: 
This paper introduces geoengineering into an optimal control model of climate change economics. Together with mitigation and adaptation, carbon and solar geoengineering span the universe of possible climate policies. Their wildly different characteristics have important implications for climate policy. We show in the context of our model that: (i) the optimal carbon tax equals the marginal cost of carbon geoengineering; (ii) the introduction of either form of geoengineering leads to higher emissions yet lower temperatures; (iii) in a world with above-optimal cumulative emissions, only a complete set of instruments can minimize climate damages.
Subjects: 
climate change
climate policy
mitigation
adaptation
carbon geoengineering
carbon dioxide removal
solar geoengineering
solar radiation management
JEL: 
D90
O44
Q48
Q54
Q58
Document Type: 
Working Paper

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