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.
Press Release — Jul 23, 2019
New Episode of Resources Radio on Diversity in the Environmental Movement, with Dorceta Taylor
Daniel Raimi and Dorceta Taylor discuss the lack of diversity in the environmental sphere in this new episode of Resources Radio.
Press Release — Jul 22, 2019
New Issue Brief from Burtraw & Keyes Critiques Affordable Clean Energy Rule
A new issue brief by RFF's Dallas Burtraw and Amelia Keyes identifies and explains 10 flaws in the ACE Rule.
Press Release — Jul 16, 2019
New Episode of Resources Radio on Chernobyl, with Todd Allen
Daniel Raimi and Todd Allen discuss the Chernobyl nuclear power plant disaster in this episode of Resources Radio.