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Rethinking costs of mitigation

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If you have a question about this talk, please contact Dr Maria Marques de Carvalho.

Current metrics of climate change used in policy making do not accurately represent long run risks of climate change In part, this is because the economic models used to generate such metrics generally do not have a good way of dealing with long term catastrophes We present a simple, illustrative economic model to assess several policy strategies in the face of catastrophic tipping point damages We also propose an alternative metric that captures long run damages We find three policy implications Firstly, our results clearly illustrate the risk of using short term metric estimation. Secondly, a policy based on limiting the carbon stock to a certain level, rather than focusing on emissions targets, would provide the largest long run benefits to society Finally, to achieve that target, mitigation needs to be achieved with today’s technology and resources.

This talk is part of the Engineering Structures Seminar Series series.

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