Buying Greenhouse Insurance: The Economic Costs of CO2 Emission Limits

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Description

In contemporary years a growing concern that the increasing accumulation of greenhouse gases will lead to undesirable changes in global climate has resulted in numerous proposals, both in the US and internationally, to set physical targets for reducing greenhouse gas emissions. But what’s going to these proposals cost? Based on the authors’ earlier ground-breaking work, Buying Greenhouse Insurance outlines a way to take into accounts greenhouse-effect decisions under uncertainty. It describes an insightful model for determining the economic costs of limiting carbon dioxide emissions produced by burning fossil fuels and provides a solid analytical base for rethinking public policy on the farreaching issue of global warming.Manne and Richels present region-by-region estimates of the costs that would underlie an international agreement. The usage of a pc model referred to as Global 2100, they analyze the economic impacts of limiting C02 emissions under alternative supply and conservation scenarios. The results clearly indicate that a reduction in emissions is not the sole policy response to potential climate change.Following a summary of the greenhouse effect, its likely causes, and conceivable consequences, Manne and Richels take up issues that concern the public at large. They provide an overview of Global 2100, look at how the U.S. energy sector is likely to evolve under businessas-usual conditions and under carbon constraints, and describe the concept of “greenhouse insurance.” They believe conceivable global agreements, including an estimate of benefits that might result from trading in an international market in emission rights. They conclude with a technical description directed toward modeling specialists.Alan Manne is Professor of Operations Research at Stanford University. Richard Richels is Director of the Energy Analysis and Planning Department at the Electric Power Research Institute.


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