The goal of this study is to show how to quantify the benefits of accelerated learning about key parameters of the climatic system and use this knowledge to improve decision-making on climate policy. The US social cost of carbon (SCC) methodology is used in innovative ways to value new Earth observing systems (EOSs). The study departs from the strict US SCC methodology, and from previous work, in that net benefits are used instead of only damages to calculate the value of information of the enhanced systems. In other respects the US SCC methodology is followed closely. We compute the surfeit expected net benefits of learning the actionable information earlier, with the enhanced system, versus learning later with existing systems. The enhanced systems are designed to give reliable information about climate sensitivity on accelerated timescales relative to existing systems; therefore, the decision context stipulates that a global reduced emissions path would be deployed upon receiving suitable information on the rate of temperature rise with a suitable level of confidence. By placing the enhanced observing system in a decision context, the SCC enables valuing this system as a real option.
Sea Changes Facing the Global Energy Industry
RFF President Richard G. Newell provides an overview of the changes facing the global energy landscape.
An Almost Practical Step Toward Sustainability
In 1992, Nobel laureate Robert Solow spoke at RFF on the connections between natural resource use, economic development, and environmental well-being.
Media Highlight — Aug 20, 2019
“Trump’s Rollback of Auto Pollution Rules Shows Signs of Disarray”
Alan Krupnick is quoted in a New York Times article on President Trump's auto emissions rollbacks.