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Optimal Climate Strategy with Mitigation Carbon Removal and Solar Geoengineering

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Document pages: 34 pages

Abstract: Until recently, analysis of optimal global climate policy has focused onmitigation. Exploration of policies to meet the 1.5°C target have broughtcarbon dioxide removal (CDR), a second instrument, into the climate policymainstream. Far less agreement exists regarding the role of solargeoengineering (SG), a third instrument to limit global climate risk.Integrated assessment modelling (IAM) studies offer little guidance ontrade-offs between these three instruments because they have dealt with CDR andSG in isolation. Here, I extend the Dynamic Integrated model of Climate andEconomy (DICE) to include both CDR and SG to explore the temporal ordering ofthe three instruments. Contrary to implicit assumptions that SG would beemployed only after mitigation and CDR are exhausted, I find that SG isintroduced parallel to mitigation temporary reducing climate risks during theera of peak CO2 concentrations. CDR reduces concentrations after mitigation isexhausted, enabling SG phasing out.

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