"Geoengineering: Revisiting the Economics of Climate Change" - J. Moreno-Cruz, S. Smulders, University of Calgary Energy and Environmental Systems Group and Economics Department, 2010.
Technically simple and reversible measures to directly reduce mean global temperatures could be available anytime soon. These geoengineering technologies could combat global warming at low cost. Spreading small particles in the top of the atmosphere is the most promising example, but there are other ones. We introduce the concept of "geoengineering" into an analytical model of climate change. We model the technical and economic characteristics of geoengineering in line with the recent geoengineering literature from physical and environmental management sciences. We interpret the key economic implication of engineering to be its potential to reduce the temperature-related damages of climatic change. We investigate (i) under which circumstances geoengineering can substitute, partly or completely, for traditional abatement and mitigation strategies, (ii) under which conditions and at what level geoengineering is optimally employed, and (iii) whether geoengineering can mitigate free-riding problems.
Moreno-Cruz, Smulders, 2010
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