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.
Conferences & Panels — Oct 30, 2019
Clean Energy Standards Capitol Hill Briefing
A lunchtime discussion on the effects of and policy considerations for Clean Energy Standards
A New York State of Carbon Pricing, with Karen Palmer and Daniel Shawhan
Karen Palmer and Daniel Shawhan provide expert insight on the future of carbon pricing in New York State.
Paying for Pollution, with Gilbert Metcalf
Daniel Raimi and Gilbert Metcalf discuss the benefits and drawbacks of carbon policies.