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date: 05 March 2021

Abstract and Keywords

The chapter uses a well-known canonical dynamic model of growth and climate change and explores various scenarios of mitigation policies. The Kyoto protocol was aiming at CO2 constraints, the Copenhagen agreement pursued temperature constraints, other goals are formulated in Nordhaus (2008). We explore the practicality and implications of those and other policy scenarios. To do so we impose terminal constraints for the state variables, consider the impacts of state and control constraints on abatement policies, consumption paths, CO2 emission and capital stock. We also explore the effect of the rise of temperature on households. The different scenarios are studied as guidance for policy options. We compare solutions for finite horizon and infinite horizon model variants. State and control trajectories of finite and infinite-horizon control problems are computed using numerical methods.

Keywords: climate change, mitigation policy, temperature effects on households, finite and infinite horizon methods

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