The value of advanced technology in meeting 2050 greenhouse gas emissions targets in the United States

• Published in: Energy economics 2009-12, Vol.31 (Supp.), p.S254-S267
• Main Authors: Kyle, Page, Clarke, Leon, Pugh, Graham, Wise, Marshall, Calvin, Kate, Edmonds, James, Kim, Son
• Format: Article
• Language: English
• Subjects: AVAILABILITY; Carbon capture and storage; Carbon emissions; Climate change; climate change policy; Cost analysis; DECISION MAKING; ECONOMICS; EMF 22; Energy efficiency; ENERGY SYSTEMS; energy technology; ENVIRONMENTAL SCIENCES; greenhouse gas mitigation; GREENHOUSE GASES; MITIGATION; Nuclear energy; Pollution control; PRICES; Renewable energy; Renewable energy sources; Strategic planning; TARGETS; Technological change; U.S.A; Valuation; Value of technology
• ISSN: 0140-9883; 1873-6181
• DOI: 10.1016/j.eneco.2009.09.008

This paper, a contribution to the EMF 22 subgroup on Transition Scenarios, examines the relationship between technology evolution over the next 40 years and the cost, energy, and greenhouse gas emissions consequences of possible U.S. mitigation goals. The paper explores these issues within the context of cumulative emissions targets based on linear reductions in CO 2-e emissions of 50% and 80% below 1990 levels by 2050. Six technology futures were constructed within the MiniCAM integrated assessment model and then applied to the emissions targets. The paper explores the influence of technology availability and expectations of future technology availability on the economic consequences of emissions mitigation, on the time path of emissions mitigation, and on the evolution of the U.S. energy system over time. One of the strongest themes to emerge from the scenarios in this study is that near-term decision-making depends on the availability of technology decades into the future, when deep emissions reductions are required to meet the cumulative emissions goals. In the scenarios in this paper, it is the expectations about future technology that have the most dramatic effect on greenhouse gas emissions prices and emissions reductions in 2020, as opposed to near-term technology availability. Moreover, it is the nature of technology 20, 30, and 40 years out, rather than availability and deployment of technology in the next decade, that will largely determine the character of the mid-century energy system.