Year: 2013
Type: article
Abstract: This paper provides a novel assessment of the role of direct air capture of CO 2 from ambient air (DAC) on the feasibility of achieving stringent climate stabilization. We use the WITCH energy-economy-climate model to investigate the long term prospects of DAC, implementing a technological specification based on recent estimates by the American Physical Society (APS 2011 ). Assuming global cooperation on a stringent climate policy we find that: (1) DAC is deployed only late in century, after other low carbon options, though at a very significant scale; (2) DAC has an impact on the marginal and total abatement costs (reducing them) and on the timing of mitigation (postponing it); (3) DAC also allows for a prolonged use of oil, with a positive welfare impact for energy exporting countries. Finally, we assess the role of DAC in a less than ideal climate policy by exploring its potential for engaging energy exporting countries in climate mitigation activities by means of a “clean oil” market in which oil exporters can sell oil decarbonized via DAC.
Source: Climatic Change
Authors: Chen Chen, Massimo Tavoni
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: hybrid
Estimated APC paid: $4,390
OpenAlex ID: W2116508262