The IPCC Special Report finds that current policies are not sufficient to limit global warming to well below 1.5°C, and that the gap between the actions on the ground and the required changes in order to meet the global goal is widening rapidly. One reason is that scientific assessments based...

This paper examines the impact of carbon risk on firms' financing costs. We exploit the Kyoto Protocol ratification (hereafter KPR) committed by the Australian government in December 2007 as an exogenous increase in carbon risk. We find that, in the post-KPR period, firms with high carbon...

As evidence for climate change mounts, the case gets stronger for not developing a large portion of existing fossil fuel reserves, particularly for coal as the highest emitter of CO2 per unit of energy produced. To avoid catastrophic climate change effects, reserves may become unburnable (i.e....

Nitrogen management policies introduced in the past decades by some OECD countries have succeeded in reducing excess nitrogen use by farmers, but half of global mineral fertiliser use is still lost for crops. While about half of OECD countries have nutrient surpluses of between 25-50 kg N per...

We develop a generic and transparent calibration strategy for climate models used in economics.The key idea is to choose the free model parameters to match the output of large-scale Earth System Models, which are run on pre-defined future emissions scenarios and collected in the Coupled Model...

As reporting GHG emissions becomes mandatory in the financial sector, the methods by which emissions are calculated will grow in importance for their impact on the resulting metric. Progress is underway in both the public and private financial sectors to embed emissions accounting standards, but...

The social rate of discount is a crucial driver of the social cost of carbon (SCC), i.e. the expected present discounted value of marginal damages resulting from emitting one ton of carbon today. Policy makers should set carbon prices to the SCC using a carbon tax or a competitive permits...

The social rate of discount is a crucial driver of the social cost of carbon (SCC), i.e. the expected present discounted value of marginal damages resulting from emitting one ton of carbon today. Policy makers should set carbon prices to the SCC using a carbon tax or a competitive permits...

Die Abschätzung der Effekte unilateraler Klimapolitik-Maßnahmen sowie deren Wirksamkeit geschieht in der bestehenden Literatur vornehmlich durch „Computable General Equilibrium“ (CGE) Modelle oder durch darauf basierende Integrated Assessment Modelle. Die Auswahl der zur Kalibrierung der...

Assessment of climate change policies requires aggregation of costs and benefits over time and across generations, a process ordinarily done through discounting. Choosing the correct discount rate has proved controversial and highly consequential. To clarify past analysis and guide future work,...