Trade-offs between mitigation costs and temperature change
This paper uses the MERGE integrated assessment model to identify the least-cost mitigation strategy for achieving a range of climate policies. Mitigation is measured in terms of GDP foregone. This is not a benefit-cost analysis. No attempt is made to calculate the reduction in damages brought about by a particular policy. Assumptions are varied regarding the availability of energy-producing and energy-using technologies. We find pathways with substantial reductions in temperature change, with the cost of reductions varying significantly, depending on policy and technology assumptions.