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- ItemCO2 emission mitigation and fossil fuel markets: Dynamic and international aspects of climate policies(Amsterdam [u.a.] : Elsevier Science, 2013) Bauer, Nico; Bosetti, Valentina; Hamdi-Cherif, Meriem; Kitous, Alban; McCollum, David; Méjean, Aurélie; Rao, Shilpa; Turton, Hal; Paroussos, Leonidas; Ashina, Shuichi; Calvin, Katherine; Wada, Kenichi; van Vuuren, DetlefThis paper explores a multi-model scenario ensemble to assess the impacts of idealized and non-idealized climate change stabilization policies on fossil fuel markets. Under idealized conditions climate policies significantly reduce coal use in the short- and long-term. Reductions in oil and gas use are much smaller, particularly until 2030, but revenues decrease much more because oil and gas prices are higher than coal prices. A first deviation from optimal transition pathways is delayed action that relaxes global emission targets until 2030 in accordance with the Copenhagen pledges. Fossil fuel markets revert back to the no-policy case: though coal use increases strongest, revenue gains are higher for oil and gas. To balance the carbon budget over the 21st century, the long-term reallocation of fossil fuels is significantly larger—twice and more—than the short-term distortion. This amplifying effect results from coal lock-in and inter-fuel substitution effects to balance the full-century carbon budget. The second deviation from the optimal transition pathway relaxes the global participation assumption. The result here is less clear-cut across models, as we find carbon leakage effects ranging from positive to negative because trade and substitution patterns of coal, oil, and gas differ across models. In summary, distortions of fossil fuel markets resulting from relaxed short-term global emission targets are more important and less uncertain than the issue of carbon leakage from early mover action.
- ItemMid- and long-term climate projections for fragmented and delayed-action scenarios(Amsterdam [u.a.] : Elsevier Science, 2013) Schaeffer, Michiel; Gohar, Laila; Kriegler, Elmar; Lowe, Jason; Riahi, Keywan; van Vuuren, DetlefThis paper explores the climate consequences of “delayed near-term action” and “staged accession” scenarios for limiting warming below 2 °C. The stabilization of greenhouse gas concentrations at low levels requires a large-scale transformation of the energy system. Depending on policy choices, there are alternative pathways to reach this objective. An “optimal” path, as emerging from energy-economic modeling, implies immediate action with stringent emission reductions, while the currently proposed international policies translate into reduction delays and higher near-term emissions. In our delayed action scenarios, low stabilization levels need thus to be reached from comparatively high 2030 emission levels. Negative consequences are higher economic cost as explored in accompanying papers and significantly higher mid-term warming, as indicated by a rate of warming 50% higher by the 2040s. By contrast, both mid- and long-term warming are significantly higher in another class of scenarios of staged accession that lets some regions embark on emission reductions, while others follow later, with conservation of carbon-price pathways comparable to the optimal scenarios. Not only is mid-term warming higher in staged accession cases, but the probability to exceed 2 °C in the 21st century increases by a factor of 1.5.