The net benefit of emissions controls

Here are the net val­ues of the var­i­ous poli­cies as cal­cu­lat­ed by the DICE mod­el. The val­ues are cal­cu­lat­ed as dif­fer­ences from the busi­ness-as-usu­al mod­el, with­out any emis­sion con­trols. A plus val­ue means that the pol­i­cy is bet­ter than busi­ness-as-usu­al, with the reduc­tion of dam­age due to cli­mate change exceed­ing the cost of con­trols. A minus val­ue means that the pol­i­cy is worse than busi­ness-as-usu­al, with costs exceed­ing the reduc­tion of dam­age. The unit of val­ue is $1 tril­lion, and the val­ues are spec­i­fied to the near­est tril­lion. The net val­ue of the opti­mal pro­gram, a glob­al car­bon tax increas­ing grad­u­al­ly with time, is plus three—that is, a ben­e­fit of some $3 tril­lion. The Kyoto Pro­to­col has a val­ue of plus one with US par­tic­i­pa­tion, zero with­out US par­tic­i­pa­tion. The ‘Stern’ pol­i­cy has a val­ue of minus fif­teen, the ‘Gore’ pol­i­cy minus twen­ty-one, and ‘low-cost back­stop’ plus sev­en­teen”  extract from: The Ques­tion of Glob­al Warm­ingempha­sis added.

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