Climate Engineering Economics

This article reviews and evaluates the nascent literature on the economics of climate engineering. The literature distinguishes between two broad types of climate engineering: solar radiation management and carbon dioxide removal. We review the science and engineering characteristics of these techno...

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Bibliographic Details
Published in:Annual review of resource economics 2016-01, Vol.8 (1), p.99-118
Main Authors: Heutel, Garth, Moreno-Cruz, Juan, Ricke, Katharine
Format: Article
Language:English
Subjects:
carbon dioxide removal
Climate
climate change
climate policy
Economic policy
Economics
Engineering
Environmental aspects
Environmental policy
Geoengineering
International agreements
solar radiation management
Studies
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Summary:This article reviews and evaluates the nascent literature on the economics of climate engineering. The literature distinguishes between two broad types of climate engineering: solar radiation management and carbon dioxide removal. We review the science and engineering characteristics of these technologies and analyze the implications of those characteristics for economic policy design. We discuss optimal policy and carbon price, interregional and intergenerational equity issues, strategic interaction in the design of international environmental agreements, and the sources of risk and uncertainty surrounding these technologies. We conclude that climate engineering technologies, similar to mitigation and adaptation, should be a fundamental part of future domestic and global climate policy design. We propose several avenues in need of additional research.
ISSN:1941-1340
1941-1359
DOI:10.1146/annurev-resource-100815-095440