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Global climate governance in the light of geoengineering: A shot in the dark?

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  • Finus, Michael
  • Furini, Francesco

Abstract

Solar radiation management (SRM), as one form of geoengineering, has been proposed as a last exit strategy to address global warming. Even though SRM is expected to be cheap, it may be risky and associated with high collateral damages. We analyze how SRM affects equilibrium mitigation strategies, the governance architecture of a climate agreement and whether and how signatories to a climate agreement can avoid the deployment of geoengineering, either by all or a subgroup of countries. We show under which conditions the threat to deploy geoengineering can stabilize a large climate agreement.

Suggested Citation

  • Finus, Michael & Furini, Francesco, 2023. "Global climate governance in the light of geoengineering: A shot in the dark?," Journal of Environmental Economics and Management, Elsevier, vol. 122(C).
    • Handle: RePEc:eee:jeeman:v:122:y:2023:i:c:s0095069623000724
    DOI: 10.1016/j.jeem.2023.102854
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    More about this item

    Keywords

    Mitigation-geoengineering game; Solar radiation management; Collateral damages; Climate agreements;
    All these keywords.

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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