Is there room for geoengineering in the optimal climate policy mix?

Abstract

We investigate geoengineering as a possible substitute for adaptation and mitigation measures to address climate change. With the help of an integrated assessment model, we distinguish between the effects of solar radiation management on atmospheric temperature levels and its side-effects on ecosystems. To address the uncertainty regarding the magnitude of side-effects, we rely on a distributional analysis. Our results indicate that mitigation is the preferred strategy, with adaptation acting as an effective complement. As geoengineering brings significant side-effectson the environment, it is used in only a few of theanalyzed scenarios. We then discuss additional concerns with geoengineering, and analyze their impacts on policy choices. In particular, we account for the possibility to make wrong assumptions about side-effects.