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SUMMARY:Rethinking costs of mitigation - Sarah Nelson\, Department of Engi
 neering\, University of Cambridge
DTSTART:20200221T150000Z
DTEND:20200221T160000Z
UID:TALK140026@talks.cam.ac.uk
CONTACT:Dr Maria Marques de Carvalho
DESCRIPTION:Current metrics of climate change used in policy making do not
  accurately represent long run risks of climate change In part\, this is b
 ecause the economic models used to generate such metrics generally do not 
 have a good way of dealing with\nlong term catastrophes We present a simpl
 e\, illustrative economic model to assess several policy strategies in the
  face of catastrophic tipping point damages We also propose an alternative
  metric that captures long run damages We find three policy implications F
 irstly\, our results clearly \nillustrate the risk of using short term met
 ric estimation. Secondly\, a policy based on limiting the carbon stock to 
 a\ncertain level\, rather than focusing on emissions targets\, would provi
 de the largest long run benefits to society Finally\, to achieve that targ
 et\, mitigation needs to be  achieved with today’s technology and resour
 ces.
LOCATION:Seminar Room\, Civil Engineering Building\, JJ Thomson Avenue 7a.
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