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  The Economics of Carbon Dioxide Removal: A Governance Perspective

Edenhofer, O., Franks, R. M., Gruner, F., Kalkuhl, M., Lessmann, K. (2024): The Economics of Carbon Dioxide Removal: A Governance Perspective, (CESifo Working Papers ; 11516), München : Munich Society for the Promotion of Economic Research - CESifo, 38 p.

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Item Permalink: https://publications.pik-potsdam.de/pubman/item/item_31344 Version Permalink: https://publications.pik-potsdam.de/pubman/item/item_31344_5
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cesifo1_wp11516.pdf (Any fulltext), 716KB
 
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 Creators:
Edenhofer, Ottmar1, Author                 
Franks, R. Maximilian1, Author                 
Gruner, Friedemann2, Author
Kalkuhl, Matthias2, Author
Lessmann, Kai1, Author                 
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1Potsdam Institute for Climate Impact Research, Potsdam, ou_persistent13              
2External Organizations, ou_persistent22              

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Free keywords: carbon dioxide removal, climate policy
 Abstract: Carbon dioxide removal (CDR) is becoming an emerging topic in climate policy. We review the nascent economic literature on the governance of CDR and discuss policy design and institutions. We first assess the role of CDR in climate policy portfolios that include abatement and adaptation. Cost saving technological progress could make CDR a game changer in climate policy: CDR creates new sectoral, intertemporal and international flexibilities, which reduce overall costs and allow returning to a temperature target after temporary overshooting. Moreover, carbon removal can reduce the problem of international cooperation due to substantially lower supply-side leakage via fossil fuel markets. A key challenge lies in its governance and incentive structure that is complicated by non-permanence of carbon storage and default risks of the firms committed to future CDR. For CDR governance, we survey approaches that incentivize removals by price instruments or include CDR in (modified) emissions trading schemes.

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Language(s): eng - English
 Dates: 2024-112024-11
 Publication Status: Finally published
 Pages: 38
 Publishing info: München : Munich Society for the Promotion of Economic Research - CESifo
 Table of Contents: -
 Rev. Type: -
 Identifiers: Organisational keyword: Director Edenhofer
PIKDOMAIN: Director / Executive Staff / Science & Society
PIKDOMAIN: RD3 - Transformation Pathways
Organisational keyword: RD3 - Transformation Pathways
PIKDOMAIN: RD5 - Climate Economics and Policy - MCC Berlin
Organisational keyword: RD5 - Climate Economics and Policy - MCC Berlin
MDB-ID: No data to archive
Research topic keyword: Climate Policy
 Degree: -

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Title: CESifo Working Papers
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Pages: - Volume / Issue: 11516 Sequence Number: - Start / End Page: - Identifier: -