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Providing Insight
Into Climate Change
Economics
15Articles

The Economic Impact of Greenhouse Gas Emissions

Integrated Assessment Models (IAM) are used to determine the social costs and benefits of greenhouse gas emissions for making climate policies. The most important parameter in determining the economic impact of climate change is the sensitivity of the climate to greenhouse gas emissions. The transient climate response to CO2 emissions at the time of a doubling of CO2 using an empirical energy balance method was estimated at 0.85 °C, using the newest aerosol estimates, and accounting for urban warming contamination of the surface temperature record and the natural warming from the Little Ice Age. The equilibrium climate sensitivity was estimated at 1.02 °C. Using the FUND integrated assessment model results, the mean estimate of the social cost of carbon on a global basis is determined to be -5.2 US$/tonne of CO2, and is extremely likely to be less than -1.3 US$/tonne of CO2. The calculations assume emissions in 2020, a 3% discount rate and constant US$2016.



A Practical Guide to the Economics of Carbon (Dioxide) Pricing

Dr. Ross McKitrick published this document for the School of Public Policy, University of Calgary. He says that carbon dioxide pricing is the most efficient way to ration emissions. “Painfully costly command-and-control reductions make little sense in Canada, given our marginal contribution to global emissions.” He writes “carbon pricing only works in the absence of any other emission regulations.” If carbon dioxide pricing is layered on other emission regulating programs such as emission caps, coal-fired plant shutdowns, feed-in-tariffs or wind and solar subsidies, it will "fail to have the desired effects" and will "cause disproportionate damage in the economy." Because a tax causes an economic loss, he says “in Canada, the optimal carbon tax should be about half of the estimated social cost of carbon, assuming there are no other climate actions.



The UN’s Sneak Attack on Your Pension

Institutional investors being pressured to stop investing in fossil fuels and move their money into lower-return alternate energy sectors. Institutional investors hold trillions of investment dollars and the future of millions of people’s pensions and retirements in their hands. Most have also signed on to the UN’s six Principles for Responsible Investment (PRI), which set the objectives of environmental, social and corporate governance (ESG), the stated purpose of which is to “better align investors with broader objectives of society.”



‘Social costs’ of Carbon Dioxide a Climate Change Scam

Unelected unaccountable ENGOs skew benefits of conventional energy. Environmental Non-Governmental Organizations (ENGOs) can’t seem to stop themselves. Maybe it’s time to heed the words of people such as UK MP Douglas Carswell (“We’re spending money that we don’t have to solve a problem that doesn’t exist at the behest of people we didn’t elect") rather than those of unelected and unaccountable ENGOs which continue to ramp up climate hysteria in an effort to induce governments, industry and the public into agreeing to a carbon tax.



On Trial: Social Cost of Carbon

The Minnesota state utility regulators asked an administrative law judge to rule on the social cost of carbon (SCC). Dr. Curry has posted links to some testimony. Dr. Richard Lindzen testified "new evidence (Stevens, 2015) reduces the uncertainty of aerosols so climate sensitivity is now "extremely unlikely to exceed 2 ºC". He estimates it is from 0.85 ºC to 1.5 ºC. Dr. Richard Tol built the FUND integrated assessment model. Table 3 of Tol's testimony Exhibit 2 shows that the SCC using a climate sensitivity of 1 ºC is negative 18 $/tC, ie, quite beneficial.




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