15.02.2018

# Media

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Triple Pundit: Federal Budget Bill Includes Massive Tax Credits for Carbon Capture

"Direct air capture (DAC) is a method for literally removing carbon from the atmosphere. Mechanical trees suck in ambient air and chemically separate out the carbon dioxide. From there, the captured CO2 is pumped deep underground into sealed chambers. The end result of direct air capture, in other words, is permanently stored CO2. The best part? This technology is far from theoretical. ClimeWorks is one of three startups–along with Global Thermostat and Carbon Engineering–to pull it off: Their negative emissions plant in Iceland “stores the air-captured CO2 safely and permanently in basalt, leading us closer to our efforts to achieve global warming targets.”"

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30.01.2018

# New Publications

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Strefler, Jessica; et al. (2018): Potential and costs of carbon dioxide removal by enhanced weathering of rocks

Strefler, Jessica; Amann, Thorben; Bauer, Nicolas; Kriegler, Elmar; Hartmann, Jens (2018): Potential and costs of carbon dioxide removal by enhanced weathering of rocks. In Environ. Res. Lett. DOI: 10.1088/1748-9326/aaa9c4.

"The chemical weathering of rocks currently absorbs about 1.1 Gt CO2 a-1 being mainly stored as bicarbonate in the ocean. An enhancement of this slow natural process could remove substantial amounts of CO2 from the atmosphere, aiming to offset some unavoidable anthropogenic emissions in order to comply with the Paris Agreement, while at same time it may decrease ocean acidification. We provide the first comprehensive assessment of economic costs, energy requirements, technical parameterization, and global and regional carbon removal potential. The crucial parameters defining this potential are the grain size and the weathering rates."

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22.01.2018

# New Publications

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Pfrommer, Tobias (2018): A Model of Solar Radiation Management Liability

Pfrommer, Tobias (2018): A Model of Solar Radiation Management Liability. University of Heidelberg (Discussion Paper Series, 644).

"In this paper I examine the incentives structure and welfare consequences of SRM liability regimes. Characteristics specific to SRM impact on the incentives that liability regimes provide via the definition of harm and the liability standard. Consequently, a liability regime is defined as a combination of a definition of harm and a liability standard in the model."

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20.01.2018

# New Publications

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Gunderson, Ryan; et al. (2018): A Critical Examination of Geoengineering. Economic and Technological Rationality in Social Context

Gunderson, Ryan; Petersen, Brian; Stuart, Diana (2018): A Critical Examination of Geoengineering. Economic and Technological Rationality in Social Context (Sustainability, 10).

"Substantial emissions reductions, unlike geoengineering, are costly, rely more on social-structural than technical changes, and are at odds with the current social order. Because of this, geoengineering will increasingly be considered a core response to climate change. In light of Herbert Marcuse’s critical theory, the promotion of geoengineering as a market-friendly and high-tech strategy is shown to reflect a society that cannot set substantive aims through reason and transforms what should be considered means (technology and economic production) into ends themselves. Such a condition echoes the first-generation Frankfurt School’s central thesis: instrumental rationality remains irrational."

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14.01.2018

# New Publications

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Faran, Turaj S.; Olsson, Lennart (2018): Geoengineering. Neither economical, nor ethical—a risk–reward nexus analysis of carbon dioxide removal

Faran, Turaj S.; Olsson, Lennart (2018): Geoengineering. Neither economical, nor ethical—a risk–reward nexus analysis of carbon dioxide removal. In Int Environ Agreements 27 (12), p. 555. DOI: 10.1007/s10784-017-9383-8.

"Using the recently developed approach of risk–reward nexus (RRN) in the economics of innovation, we question the economic viability of CDR. The main argument is simple: if one uses the new framework of RRN in evaluating the innovations involved in the CDR branch of geoengineering, not only does one include more areas of risk but also one has to consider a broader base for distributing the rewards. Consequently, from RRN’s point of view, it would be less likely to find investing in CDR economically viable for the investor firms."

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05.01.2018

# New Publications

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Manoussi, Vassiliki; et al. (2017): Optimal Carbon Dioxide Removal in Face of Ocean Carbon Sink Feedback

Manoussi, Vassiliki; Shayegh, Soheil; Tavoni, Massimo (2017): Optimal Carbon Dioxide Removal in Face of Ocean Carbon Sink Feedback. Fondazione Eni Enrico Mattei (FEEM) (Working Paper, 57.2017). Available online at http://ageconsearch.umn.edu/record/266288.

"Here, we provide an economic appraisal to assess the sensitivity of CDR and conventional abatement to CO2 outgassing from the oceans. We develop a theoretical framework to study the impact of the ocean-to-atmosphere transfer on the optimal mitigation strategies under different regimes that control the relationship between CO2 outgassing and the amount of CDR."

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14.11.2017

# New Publications

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Heutel, Garth; et al. (2017): Solar Geoengineering, Uncertainty, and the Price of Carbon

Heutel, Garth; Moreno-Cruz, Juan; Shayegh, Soheil (2017): Solar Geoengineering, Uncertainty, and the Price of Carbon. In Journal of Environmental Economics and Management. DOI: 10.1016/j.jeem.2017.11.002.

"We consider the socially optimal use of solar geoengineering to manage climate change and its implications for carbon emissions abatement policy. We show that solar geoengineering is a substitute for emissions abatement; optimal policy includes less abatement, by up to eight percentage points, and has a lower carbon price, by up to fifteen percent, than recommended by models that ignore solar geoengineering. However, it is an imperfect substitute, since it reduces temperature without reducing atmospheric or ocean carbon concentrations."

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13.10.2017

# New Publications

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Emmerling, Johannes; Tavoni, Massimo (2017): Climate Engineering and Abatement. A ‘flat’ Relationship Under Uncertainty

"The potential of climate engineering to substitute or complement abatement of greenhouse gas emissions has been increasingly debated over the last years. The scientific assessment is driven to a large extent by assumptions regarding its effectiveness, costs, and impacts, all of which are profoundly uncertain. We investigate how this uncertainty about climate engineering affects the optimal abatement policy in the near term."

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07.08.2017

# New Publications

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Tavoni, Massimo; et al. (2017): Challenges and Opportunities for Integrated Modeling of Climate Engineering

Tavoni, Massimo; Bosetti, Valentina; Shayegh, Soheil; Drouet, Laurent; Emmerling, Johannes; Fuss, Sabine et al. (2017): Challenges and Opportunities for Integrated Modeling of Climate Engineering. Fondazione Eni Enrico Mattei (FEEM). Milan (Nota di Lavoro, 38.2017).

"By reviewing the existing literature and reporting the views of experts, we identify research gaps and priorities for improving the integrated assessment of climate engineering. Results point to differentiated roles of CDR and SRM as complementary strategies to the traditional ones, as well as diverse challenges for an adequate representation in integrated assessment models. We identify potential synergies for model development which can help better represent mitigation and adaptation challenges, as well as climate engineering."

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21.07.2017

# New Publications

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Moreno-Cruz, Juan B.; et al. (2017): An Economic Anatomy of Optimal Climate Policy

Moreno-Cruz, Juan B.; Wagner, Gernot; Keith, David W. (2017): An Economic Anatomy of Optimal Climate Policy. (HKS Faculty Research Working Paper Series, RWP17-028).

"This paper introduces geoengineering into an optimal control model of climate change economics. Together with mitigation and adaptation, carbon and solar geoengineering span the universe of possible climate policies. We show in the context of our model that: (i) a carbon tax is the optimal response to the unpriced carbon externality only if it equals the marginal cost of carbon geoengineering; (ii) the introduction of solar geoengineering leads to higher emissions yet lower temperatures, and, thus, increased welfare; and (iii) solar geoengineering, in effect, is a public goods version of adaptation that also lowers temperatures."

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