This report explains why CRED recommends such stringent reductions when some other climate-economics models say that very slow emission reductions are the best policy. Beginning with a Weak Conventional policy – mimicking the basic assumptions used in the well-known DICE model – the authors make three successive changes to arrive at a recommendation for immediate, steep emission reductions:
• Reason: The CRED Damages policy brings estimates of the economic damages from climate change in line with the most up-to-date science.
• Empathy: The Strong Conventional policy adds greater concern about the well-being of future generations.
• Fair Play: The CRED Optimal policy adds a third change – rich countries are able and should be willing to invest in emissions and poverty reduction in poorer countries.
The document includes a foreword by Jomo Kwame Sundaram, UN Assistant Secretary-General for Economic Development.
Download the paper (PDF, 1.7MB)
Note: A summary of this report has been published as a UN Department of Economic and Social Affairs (UN/DESA) policy brief. Download it here (external link to PDF, 293kb)
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