A new paper talks about Climate economics support for the UN climate targets
Under the UN Paris Agreement, countries committed to limiting global warming to well below 2 °C and to actively pursue a 1.5 °C limit. Yet, according to the 2018 Economics Nobel laureate William Nordhaus, these targets are economically suboptimal or unattainable and the world community should aim for 3.5 °C in 2100 instead. Nordhaus’ recommendations are derived from the Dynamic Integrated Climate–Economy (DICE) integrated assessment model (IAM), which he created and developed in several steps. This paper shows that the UN climate targets may be optimal even in the DICE IAM, when appropriately updated. Changes to DICE include more accurate calibration of the carbon cycle and energy balance model, and updated climate damage estimates.
Hänsel, M.C., Drupp, M.A., Johansson, D.J.A. et al. Climate economics support for the UN climate targets. Nat. Clim. Chang. (2020).
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