Smart solutions climate change comparing costs and benefits | Natural resource and environmental economics
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Investments in solar and wind power generation need to increase fast if goals of Paris Agreement are to be met
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While the IPCC is in the midst of the drafting cycle of the Sixth Assessment Report, whose publication will start in the second half of 2021 - one of the most relevant events for the global climate change community, there is an ongoing debate on how to assess the feasibility of ambitious climate mitigation scenarios developed through integrated assessment models and to what extent they are actually achievable in the real world. In their new study published in
Environmental Research Letters, researchers from the RFF-CMCC European Institute on Economics and the Environment (EIEE) and IIASA developed a systematic framework that allows identifying the type, timing, and location of feasibility concerns raised by climate mitigation scenarios.
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IMAGE: Modern decision theory can assist policymakers in critical times such as the COVID-19 crisis, argue Bocconi University s Massimo Marinacci and Valentina Bosetti in a paper coauthored by Nobel laureate Lars. view more
Credit: Paolo Tonato
During a pandemic, decisions have to be made under time pressure and amid scientific uncertainty, with potential disagreements among experts and models. With COVID-19, especially during the first wave, there was uncertainty about the virus transmissibility, the disease severity, the future evolution of the pandemic and the effectiveness of the proposed policy interventions, such as wearing face masks or closing schools. Together with a group of epidemiologists and economists, including the Nobel Prize winner Lars Peter Hansen, Bocconi professors Massimo Marinacci, AXA-Bocconi Chair in Risk, and Valentina Bosetti investigated how modern decision theory can help policymakers navigate through the uncertainty that characteri