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Abstract:
We compare eight integrated assessment models to analyze the effects of additional climate policies targeting production and energy supply, consumption and energy demand, and the land sector on top of a moderate carbon price. We find that the combination of these additional policies can close the gap between well-below 2 °C and 1.5 °C pathways with overshoot assuming the same carbon price trajectory. While production and energy supply policies are necessary to decarbonize the energy sector in the long run, consumption and demand-side transformations can reduce emissions especially in the short-term, thus enabling lower cumulative emissions leading to lower peak temperature. Additional land policies can not only reduce CO2 emissions further, but also target non-CO2 emissions and reduce global warming even further.
