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Comparing the Effects of Greenhouse Gas Emissions on Global Warming

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  • Richard S. Eckaus

Abstract

This paper analyses the usefulness as a policy tool of a physical index of radiative forcing of a greenhouse gas, the Global Warming Potential (GWP), as proposed by the Intergovernmental Panel on Climate Change. It is shown that the economic opportunity costs of an increment in radiative forcing will vary over time, while the GWP implicitly sets these costs equal. The GWP can, therefore, play no role in policy making.

Suggested Citation

  • Richard S. Eckaus, 1992. "Comparing the Effects of Greenhouse Gas Emissions on Global Warming," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 25-36.
    • Handle: RePEc:aen:journl:1992v13-01-a02
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    Cited by:

    1. David Lutz & Richard Howarth, 2014. "Valuing albedo as an ecosystem service: implications for forest management," Climatic Change, Springer, vol. 124(1), pages 53-63, May.
    2. Waldhoff, Stephanie & Anthoff, David & Rose, Steven K. & Tol, Richard S. J., 2014. "The marginal damage costs of different greenhouse gases: An application of FUND," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 8, pages 1-33.
    3. Daniel Johansson, 2012. "Economics- and physical-based metrics for comparing greenhouse gases," Climatic Change, Springer, vol. 110(1), pages 123-141, January.
    4. Rautiainen, Aapo & Lintunen, Jussi, 2017. "Social Cost of Forcing: A Basis for Pricing All Forcing Agents," Ecological Economics, Elsevier, vol. 133(C), pages 42-51.
    5. Tol, Richard S. J. & Berntsen, Terje K. & O'Neill, Brian C. & Fuglestvedt, Jan S. & Shine, Keith P. & Balkanski, Yves & Makra, Laszlo, 2008. "Metrics for Aggregating the Climate Effect of Different Emissions: A Unifying Framework," Papers WP257, Economic and Social Research Institute (ESRI).
    6. Lintunen, Jussi & Rautiainen, Aapo, 2021. "On physical and social-cost-based CO2 equivalents for transient albedo-induced forcing," Ecological Economics, Elsevier, vol. 190(C).
    7. Solomon, Barry D., 1999. "New directions in emissions trading: the potential contribution of new institutional economics," Ecological Economics, Elsevier, vol. 30(3), pages 371-387, September.
    8. Kandlikar, Milind, 1996. "Indices for comparing greenhouse gas emissions: integrating science and economics," Energy Economics, Elsevier, vol. 18(4), pages 265-281, October.
    9. Kandlikar, Milind, 1995. "The relative role of trace gas emissions in greenhouse abatement policies," Energy Policy, Elsevier, vol. 23(10), pages 879-883, October.
    10. Katsumasa Tanaka & Richard S.J. Tol & Dmitry Rokityanskiy & Brian C. O'Neill & Michael Obersteiner, 2006. "Evaluating Global Warming Potentials as Historical Temperature Proxies: an application of ACC2 Inverse Calculation," Working Papers FNU-118, Research unit Sustainability and Global Change, Hamburg University, revised Sep 2006.
    11. Shaahid, S.M. & Elhadidy, M.A., 1994. "Wind and solar energy at Dhahran, Saudi Arabia," Renewable Energy, Elsevier, vol. 4(4), pages 441-445.
    12. Linda Sygna & Jan Fuglestvedt & H. Aaheim, 2002. "The adequacy of GWPs as indicators of damage costsincurred by global warming," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 7(1), pages 45-62, March.
    13. Steven Smith & Joseph Karas & Jae Edmonds & Jiyong Eom & Andrew Mizrahi, 2013. "Sensitivity of multi-gas climate policy to emission metrics," Climatic Change, Springer, vol. 117(4), pages 663-675, April.
    14. Morgan R. Edwards & Jessika E. Trancik, 2022. "Consequences of equivalency metric design for energy transitions and climate change," Climatic Change, Springer, vol. 175(1), pages 1-27, November.
    15. John Reilly & Kenneth Richards, 1993. "Climate change damage and the trace gas index issue," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 3(1), pages 41-61, February.

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    JEL classification:

    • F0 - International Economics - - General

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