Skip to main content

Past Featured Event

"The economics of 1.5°C climate change" with Prof Simon Dietz



The economic case for limiting warming to 1.5°C is unclear, due to manifold uncertainties. However, it cannot be ruled out that the 1.5°C target passes a cost-benefit test. Costs are almost certainly high: the median global carbon price in 1.5°C scenarios implemented by various energy models is more than US$100 per metric ton of CO2 in 2020, for example. Benefits estimates range from much lower than this to much higher. Some of these uncertainties may reduce in the future, raising the question of how to hedge in the near term.

Maintaining an option on limiting warming to 1.5°C means targeting it now. Setting off with higher emissions will make 1.5°C unattainable quickly without recourse to expensive large-scale carbon dioxide removal (CDR), or solar radiation management (SRM), which can be cheap but poses ambiguous risks society seems unwilling to take. Carbon pricing could reduce mitigation costs substantially compared with ramping up the current patchwork of regulatory instruments. Nonetheless, a mix of policies is justified and technology-specific approaches may be required. It is particularly important to step up mitigation finance to developing countries, where emissions abatement is relatively cheap.

About the speaker

Professor Simon DietzSimon Dietz is an environmental economist with particular interests in climate change and sustainable development. He has published dozens of research articles on a wide range of issues, and he also works with governments, businesses and NGOs on topics of shared interest, such as carbon pricing, insurance and institutional investment.

Simon is based at the London School of Economics and Political Science (LSE), where he is Professor of Environmental Policy in the Grantham Research Institute on Climate Change and the Environment, and the Department of Geography and Environment. He is also an Oxford Martin Visiting Fellow and Research Associate of the Smith School of Enterprise and the Environment at Oxford University, a Principal consultant at Vivid Economics, and is co-editor of the Journal of the Association of Environmental and Resource Economists.


This event is part of a series:

Evolving economic thought

Re-thinking economics has never been more important. Climate change, technological change, equitable development and migration are among the many challenges the world is currently facing, and new paradigms of economic thought can help society respond effectively. An economic lens can help us understand, adapt and plan for the future. This lecture series presents ideas from leading-edg...


Event Details

14 February 2019 17:00 - 18:00

More Information


Location

Lecture Theatre, Oxford Martin School

34 Broad Street (corner of Holywell and Catte Streets)
Oxford
OX1 3BD

Warnings: The flashwrapper plugin may be incompatible with this version of Wheels, please look for a compatible version of the plugin
The shortcodes plugin may be incompatible with this version of Wheels, please look for a compatible version of the plugin
Application: oms_live [Run Tests, View Tests]
Framework: CFWheels 1.4.6
Active Environment: Development
Host Name: duchess
CFML Engine: Lucee 5.2.6.59
Default Data Source: Oms_www
Database Adapter: MySQL
URL Rewriting: On
URL Obfuscation: Off
Plugins: flashwrapper
shortcodes
Route: Event
Controller: Events
Action: View
Key(s): 2656
Parameters: None
Execution Time: 29ms (action ~24ms, view ~11ms, beforefilters ~3ms, requeststart ~1ms, afterfilters ~1ms)
Help Links: Documentation, Mailing List, Issue Tracker