Abstract:The cumulative impact of carbon dioxide (CO2) emissions on climate has potentially profound economic and policy implications. It implies that the long-term climate change mitigation challenge should be reframed as a stock problem, while the overwhelming majority of climate policies continue to focus on the flow of CO2 into the atmosphere in 2030 or 2050. An obstacle, however, to the use of a cumulative carbon budget in policy is uncertainty in the size of this budget consistent with any specific temperature-ba… Show more
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