Copper demand,supply, and associated energy use to 2050

To a set of well-regarded international scenarios (UNEP’s GEO-4), we have added consideration of the demand, supply, and energy implications related to copper production and use over the period 2010–2050. To our knowledge, these are the first comprehensive metal supply and demand scenarios to be developed. We find that copper demand increases by between 275 and 350% by 2050, depending on the scenario. The scenario with the highest prospective demand is not Market First (a “business as usual” vision), but Equitability First, a scenario of transition to a world of more equitable values and institutions. These copper demands exceed projected copper mineral resources by mid-century and thereafter. Energy demand for copper production also demonstrates strong increases, rising to as much as 2.4% of projected 2050 overall global energy demand. We investigate possible policy responses to these results, concluding that improving the efficiency of the copper cycle and encouraging the development of copper-free energy distribution on the demand side, and improving copper recycling rates on the supply side are the most promising of the possible options. Improving energy efficiency in primary copper production would lead to a reduction in the energy demand by 0.5% of projected 2050 overall global energy demand. In addition, encouraging the shift towards renewable technologies is important to minimize the impacts associated with copper production.     

Carbon dioxide emissions from Russia's electricity sector: future scenarios

Abstract

This article investigates future greenhouse gas emission scenarios for Russia's electricity sector, a topic of importance since Russia's ratification of the Kyoto Protocol in November 2004. Eleven scenarios are constructed to the year 2020 considering economic and technological details in both the demand and supply sides of the sector. The scenarios are based upon a thorough review of the different factors controlling carbon dioxide emissions, including potential economic growth, changes in energy efficiency and technological development, and that Russia may export large amounts of natural gas to European and Asian markets. The most likely scenario is that Russia will double industrial output over the next 10 years, increase energy efficiency in the demand sector, will remain consistent to the goals of the Energy Strategy 2020 and will implement more efficient technology in the electricity supply sector. Consequently, carbon dioxide emissions will still be 102 million tonnes below 1990 levels in 2010, representing a significant source for emission reduction credits available to be sold on international markets or transferred to the next crediting period.     

Hazardous waste from the global shipbreaking industry: Historical inventory and future pathways

Shipbreaking activities release hazardous wastes (namely, oil, asbestos, other landfillable wastes, and incinerable wastes) that harm both workers' health and the environment. However, an accurate and detailed emission inventory to support policy design of the greening reform remains lacking. By developing a framework that combines dynamic material flow model, global change assessment model and scenario analysis, this study carries out historical analysis and future projection of global ship scrap and pollutant emissions, based on ship scrap datasets. Our results show that shipbreaking sites have gradually shifted from more developed regions such as Taiwan, the European Union (EU), Japan, and Russia to the three less developed Southern Asian countries, Bangladesh, India, and Pakistan, in the past four decades. Waste emissions in these three countries have increased significantly by 6.5 times between 1990 and 2019. Although the volume of scrapped ships is expected to reach 75–95 million gross tons per year by 2050, the cumulative waste emissions from 2020 to 2050 will be reduced by 92% and 79% under the EU Convention and the Hong Kong Convention scenario, respectively. Lastly, policy implications such as how to mitigate the adverse impact of shipbreaking activities after the international conventions enter into force are comprehensively discussed.     

The impact of biofuel-induced food-price inflation on dietary energy demand and dietary greenhouse gas emissions

Dramatic increases in liquid biofuel production have led to concerns about associated impacts on food prices, with many modeling studies showing significant biofuel-related price inflation. In turn, by changing patterns of food demand, biofuel production may indirectly influence greenhouse gas emissions. We estimated changes to dietary energy (calorie) demand and greenhouse gas emissions embodied in average diets under different biofuel-related food-price scenarios for Brazil, China and the United States, using food-price projections and food-price elasticities. Average energy demand decreased in all countries, from about 40 kcal per person per day in Brazil under a moderate price inflation scenario – a reduction of 1% relative to the (2009) reference scenario – to nearly 300 per day in the United States with high price inflation – almost 8% of reference levels. However, emissions per calorie increased slightly in all three countries. In terms of total greenhouse gas emissions, the results are suggestive of overall reductions only in the United States, where average reductions ranged from about 40 to 110 kg of carbon dioxide equivalent emissions per person per year. In China, the direction of impact is unclear, but the net change is likely to be small. Brazilian results were sensitive to parameter values and the direction and magnitude of impact is therefore uncertain. Despite the uncertainty, even small changes (positive or negative) in individual dietary emissions can produce large changes at the population level, arguing for the inclusion of the dietary pathway in greenhouse gas accounting of liquid biofuels.     

中国交通部门污染物与温室气体协同控制模拟研究

开展交通领域大气污染物与温室气体协同减排研究对于实现能源、环境和气候变化综合管理具有重要意义.文中以我国交通部门污染物与温室气体协同治理为切入点,开展道路、铁路、水运、航空和管道运输等各子部门未来需求预测,并运用长期能源可替代规划系统模型(LEAP),通过构建基准情景、污染减排情景、绿色低碳情景和强化低碳情景,模拟分析...     

A low-carbon society: global visions,pathways, and challenges

The feasibility of two low-carbon society (LCS) scenarios, one with and one without nuclear power and carbon capture and storage (CCS), is evaluated using the AIM/Enduse[Global] model. Both scenarios suggest that achieving a 50% emissions reduction target (relative to 1990 levels) by 2050 is technically feasible if locally suited technologies are introduced and the relevant policies, including necessary financial transfers, are appropriately implemented. In the scenario that includes nuclear and CCS options, it will be vital to consider the risks and acceptance of these technologies. In the scenario without these technologies, the challenge will be how to reduce energy service demand. In both scenarios, the estimated investment costs will be higher in non-Annex I countries than in Annex I countries. Finally, the enhancement of capacity building to support the deployment of locally suited technologies will be central to achieving an LCS.

Policy relevance

Policies to reduce GHG emissions up to 2050 are critical if the long-term target of stabilizing the climate is to be achieved. From a policy perspective, the cost and social acceptability of the policy used to reduce emissions are two of the key factors in determining the optimal pathways to achieve this. However, the nuclear accident at Fukushima highlighted the risk of depending on large-scale technologies for the provision of energy and has led to a backlash against the use of nuclear technology. It is found that if nuclear and CCS are used it will be technically feasible to halve GHG emissions by 2050, although very costly. However, although the cost of halving emissions will be about the same if neither nuclear nor CCS is used, a 50% reduction in emissions reduction will not be achievable unless the demand for energy service is substantially reduced.     

Growing stocks of buildings,infrastructures and machinery as key challenge for compliance with climate targets

Drastic reductions of greenhouse-gas (GHG) emissions are required to meet the goal of the 2015 Paris climate accord to limit global warming to 1.5–2.0 °C over pre-industrial levels. We introduce the material stock-flow framework as a novel way to develop scenarios for future GHG emissions using methods from social metabolism research. The basic assumption behind our exploratory scenario approach is that nearly all final energy is required to either expand and maintain stocks of buildings, infrastructures and machinery or to provide services by using them. Distinguishing three country groups, we develop GDP- and population-driven scenarios for the development of these material stocks and the corresponding energy requirements based on historically calibrated model parameters. We analyze the results assuming different future pathways of CO₂ emissions per unit of primary energy. The resulting cumulative carbon emissions from 2018 to 2050 range from 361 Gt C in the lower GDP-driven to 568 GtC in the higher population-driven scenario. The findings from the population-driven scenarios point towards the huge implications of a hypothetical convergence of per-capita levels of material stocks assuming current trajectories of technological improvements. Results indicate that providing essential services with a considerably lower level of material stocks could contribute to large reductions in global resource demand and GHG emissions. A comparison of different stock levels in 2050 demonstrates that complying with ambitious climate targets requires much faster declines of CO₂ emissions per unit of primary energy if growth of material stocks is not limited.     

Future Sulfur Dioxide Emissions

The importance of sulfur dioxide emissions for climate change is now established, although substantial uncertainties remain. This paper presents projections for future sulfur dioxide emissions using the MiniCAM integrated assessment model. A new income-based parameterization for future sulfur dioxide emissions controls is developed based on purchasing power parity (PPP) income estimates and historical trends related to the implementation of sulfur emissions limitations. This parameterization is then used to produce sulfur dioxide emissions trajectories for the set of scenarios developed for the Special Report on Emission Scenarios (SRES). We use the SRES methodology to produce harmonized SRES scenarios using the latest version of the MiniCAM model. The implications, and requirements, for integrated assessment modeling of sulfur dioxide emissions are discussed. We find that sulfur emissions eventually decline over the next century under a wide set of assumptions. These emission reductions result from a combination of emission controls, the adoption of advanced electric technologies, and a shift away from the direct end use of coal with increasing income levels. Only under a scenario where incomes in developing regions increase slowly do global emission levels remain at close to present levels over the next century. Under a climate policy that limits emissions of carbon dioxide, sulfur dioxide emissions fall in a relatively narrow range. In most cases, the relative climatic effect of sulfur dioxide emissions decreases dramatically to a point where sulfur dioxide is only a minor component of climate forcing by the end of the century. Ecological effects of sulfur dioxide, however, could be significant in some developing regions for many decades to come.     

Environmental benefits of circular economy approach to use of cobalt

Cobalt is an important critical material and a constituent of a broad range of products such as batteries, electronics, superalloys, and hard metals. Effective recycling of cobalt is considered one of the most pivotal processes in alleviating its criticality. In this paper, using the dynamic modelling of material, energy, and water flows in cobalt supply chain, we show that by 2050 around 25% of the total demand for cobalt could be supplied by recycling. Our results indicate that, compared to the primary production of cobalt, its recycling might lead to a reduction of energy consumption by 46% associated with the global cobalt supply chain and the corresponding fall in the use of water by 40%. In addition, recycling of cobalt is estimated to mitigate around 59% of the total emissions of greenhouse gases and 98% of the total emissions of sulfur oxides. Finally, we present the regionally distributed projections of cobalt-related energy and water use from 2020 to 2050.     

欧盟《气候与能源2030政策框架》要点分析与启示

通过分析《气候与能源2030政策框架》（以下简称《框架》）方案要点,认为欧盟2030年的减排目标相对2020年承诺目标更为积极,可再生能源目标略高于之前官方预期。由于东欧国家的参与,欧盟一方面获得了这些国家盈余的排放配额,帮助欧盟作为一个整体实现减排目标;另一方面,成员国经济发展水平差异增大,导致欧盟施行相对积极的环境政策阻力加大,未来大幅调整减排目标的可能性不大。《框架》目标将可能对2020年后国际碳市场需求预估产生影响,未来国际碳市场的健康运行,将不仅需要欧盟外的发达国家提出具有雄心的减排目标,也需要欧盟提高减排目标,增加其对于国际减排配额的需求;此外,欧盟辅助实现40%减排目标的相关生产标准和措施,可能对未来全球自由贸易产生影响,其他国家尤其是对外贸易依存度较高的发展中国家需要密切关注相关动向。《框架》方案所提出的以应对气候变化引领和促进经济发展、采用组合目标且针对不同目标采取不同实现形式、展现制定目标的透明度、充分考虑成员国差异等提法和操作方式值得中国借鉴。     

Impacts of Climate Change on the Global Forest Sector

The path and magnitude of future anthropogenic emissions of carbon dioxide will likely influence changes in climate that may impact the global forest sector. These responses in the global forest sector may have implications for international efforts to stabilize the atmospheric concentration of carbon dioxide. This study takes a step toward including the role of global forest sector in integrated assessments of the global carbon cycle by linking global models of climate dynamics, ecosystem processes and forest economics to assess the potential responses of the global forest sector to different levels of greenhouse gas emissions. We utilize three climate scenarios and two economic scenarios to represent a range of greenhouse gas emissions and economic behavior. At the end of the analysis period (2040), the potential responses in regional forest growing stock simulated by the global ecosystem model range from decreases and increases for the low emissions climate scenario to increases in all regions for the high emissions climate scenario. The changes in vegetation are used to adjust timber supply in the softwood and hardwood sectors of the economic model. In general, the global changes in welfare are positive, but small across all scenarios. At the regional level, the changes in welfare can be large and either negative or positive. Markets and trade in forest products play important roles in whether a region realizes any gains associated with climate change. In general, regions with the lowest wood fiber production cost are able to expand harvests. Trade in forest products leads to lower prices elsewhere. The low-cost regions expand market shares and force higher-cost regions to decrease their harvests. Trade produces different economic gains and losses across the globe even though, globally, economic welfare increases. The results of this study indicate that assumptions within alternative climate scenarios and about trade in forest products are important factors that strongly influence the effects of climate change on the global forest sector.     

Demand vs supply-side approaches to mitigation: What final energy demand assumptions are made to meet 1.5 and 2 °C targets?

Today’s climate policies will shape the future trajectory of emissions. Consumption is the main driver behind recent increases in global greenhouse gas emissions, outpacing savings through improved technologies, and therefore its representation in the evidence base will impact on the success of policy interventions. The IPCC’s Special Report on Global Warming of 1.5 °C (SR1.5) summarises global evidence on pathways for meeting below-2 °C targets, underpinned by a suite of scenarios from integrated assessment models (IAMs). We explore how final energy demand is framed within these, with the aim to making demand-related assumptions more transparent, and evaluating their significance, feasibility, and use or underutilisation as a mitigation lever. We investigate how the integrated assessment models compensate for higher and lower levels of final energy demand across scenarios, and how this varies when mitigating for 2 °C and 1.5 °C temperature targets through an analysis of (1) final energy demand projections, (2) energy-economy relationships and (3) differences between energy system decarbonisation and carbon dioxide removal in the highest and lowest energy demand pathways. We look across the full suite of mitigation pathways and assess the consequences of achieving different global carbon budgets. We find that energy demand in 2100 in the highest energy demand scenarios is approximately three to four times higher than the lowest demand pathways, but we do not find strong evidence that 1.5 °C-consistent pathways cluster on the lower end of demand levels, particularly when they allow for overshoot. The majority of demand reductions happen pre-2040, which assumes absolute decoupling from economic growth in the near-term; thereafter final energy demand levels generally grow to 2100. Lower energy demand pathways moderately result in lower renewable energy supply and lower energy system investment, but do not necessarily reduce reliance on carbon dioxide removal. In this sense, there is more scope for IAMs to implement energy demand reduction as a longer-term mitigation lever and to reduce reliance on negative emissions technologies. We demonstrate the need for integrated assessments to play closer attention to how final energy demand interacts with, relates to, and can potentially offset supply-side characteristics, alongside a more diverse evidence base.     

Achievability of the Paris Agreement targets in the EU: demand-side reduction potentials in a carbon budget perspective

Limiting global warming to ‘well below’ 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase even further to 1.5°C is an integral part of the 2015 Paris Agreement. To achieve these aims, cumulative global carbon emissions after 2016 should not exceed 940 – 390?Gt of CO₂ (for the 2°C target) and 167 – ?48?Gt of CO₂ (for the 1.5°C target) by the end of the century. This paper analyses the EU’s cumulative carbon emissions in different models and scenarios (global models, EU-focused models and national carbon mitigation scenarios). Due to the higher reductions in energy use and carbon intensity of the end-use sectors in the national scenarios, we identify an additional mitigation potential of 26–37 Gt cumulative CO₂ emissions up to 2050 compared to what is currently included in global or EU scenarios. These additional reductions could help to both reduce the need for carbon dioxide removals and bring cumulative emissions in global and EU scenarios in line with a fairness-based domestic EU budget for a 2°C target, while still remaining way above the budget for 1.5°C.

Key policy insights

• Models used for policy advice such as global integrated assessment models or EU models fail to consider certain mitigation potential available at the level of sectors.

• Global and EU models assume significant levels of CO₂ emission reductions from carbon capture and storage to reach the 1.5°C target but also to reach the 2°C target.

• Global and EU model scenarios are not compatible with a fair domestic EU share in the global carbon budget either for 2°C or for 1.5°C.

• Integrating additional sectoral mitigation potential from detailed national models can help bring down cumulative emissions in global and EU models to a level comparable to a fairness-based domestic EU share compatible with the 2°C target, but not the 1.5°C aspiration.

     

An assessment of the performance of scenarios against historical global emissions for IPCC reports

Long-term emissions scenarios have served as the primary basis for assessing future climate change and response strategies. Therefore, it is important to regularly reassess the relevance of emissions scenarios in light of changing global circumstances and compare them with long-term developments to determine if they are still plausible, considering the newest insights. Four scenario series, SA90, IS92, SRES, and RCP/SSP, were central in the scenario-based literature informing the five Assessment Reports of the Intergovernmental Panel on Climate Change (IPCC) and the sixth assessment cycle. Here we analyze the historical trends of carbon dioxide (CO2) emissions from fossil fuel combustion and industry and emissions drivers between 1960 and 2017. We then compare the emission scenario series with historical trends for the period 1990–2017/2018. The results show that historical trends are quite consistent with medium scenarios in each series. As a result, they can be regarded as valid inputs for past and future analyses of climate change and impacts. Global CO2 emissions 1960–2018 (and 1990–2018) comprised six (and three) overall subperiods of emissions growth significantly higher and lower than average. Historically, CO2 emissions (in absolute numbers and growth rate) are tightly coupled with primary energy and indirectly with GDP. Global emissions generally followed a medium-high pathway, captured by “middle-of-the-road” scenario narratives in the earlier series, and by combinations of “global-sustainability” and “middle-of-the-road” narratives in the most recent series (SRES and SSP-baselines). Historical non-OECD trends were best captured by “rapid-growth” and “regional-competition” scenarios, while OECD trends were close to regional-sustainability and global-sustainability scenarios. Areas where the emissions scenarios captured the historical trends less well, are renewable and nuclear primary energy supply. The fact that the actual historical development is consistent with rapid-growth narratives in the non-OECD regions might have important implications for future greenhouse gas emissions and associated climatic change.     

Fossil-fueled development (SSP5): An energy and resource intensive scenario for the 21st century

This paper presents a set of energy and resource intensive scenarios based on the concept of Shared Socio-Economic Pathways (SSPs). The scenario family is characterized by rapid and fossil-fueled development with high socio-economic challenges to mitigation and low socio-economic challenges to adaptation (SSP5). A special focus is placed on the SSP5 marker scenario developed by the REMIND-MAgPIE integrated assessment modeling framework. The SSP5 baseline scenarios exhibit very high levels of fossil fuel use, up to a doubling of global food demand, and up to a tripling of energy demand and greenhouse gas emissions over the course of the century, marking the upper end of the scenario literature in several dimensions. These scenarios are currently the only SSP scenarios that result in a radiative forcing pathway as high as the highest Representative Concentration Pathway (RCP8.5). This paper further investigates the direct impact of mitigation policies on the SSP5 energy, land and emissions dynamics confirming high socio-economic challenges to mitigation in SSP5. Nonetheless, mitigation policies reaching climate forcing levels as low as in the lowest Representative Concentration Pathway (RCP2.6) are accessible in SSP5. The SSP5 scenarios presented in this paper aim to provide useful reference points for future climate change, climate impact, adaption and mitigation analysis, and broader questions of sustainable development.     

RCP2.6: exploring the possibility to keep global mean temperature increase below 2��C

The RCP2.6 emission and concentration pathway is representative of the literature on mitigation scenarios aiming to limit the increase of global mean temperature to 2°C. These scenarios form the low end of the scenario literature in terms of emissions and radiative forcing. They often show negative emissions from energy use in the second half of the 21st century. The RCP2.6 scenario is shown to be technically feasible in the IMAGE integrated assessment modeling framework from a medium emission baseline scenario, assuming full participation of all countries. Cumulative emissions of greenhouse gases from 2010 to 2100 need to be reduced by 70% compared to a baseline scenario, requiring substantial changes in energy use and emissions of non-CO₂ gases. These measures (specifically the use of bio-energy and reforestation measures) also have clear consequences for global land use. Based on the RCP2.6 scenario, recommendations for further research on low emission scenarios have been formulated. These include the response of the climate system to a radiative forcing peak, the ability of society to achieve the required emission reduction rates given political and social inertia and the possibilities to further reduce emissions of non-CO₂ gases.     

全球实施碳税政策对碳减排及世界经济的影响评估

该研究模拟了全球各区域2008-2050年的经济发展和碳排放状况,并将该模拟结果设定为基准情景。在基准情景中全球GDP随时间增长,而全球的碳排放同样表现出增长趋势。为了模拟碳税政策的减排效应及其对经济的影响,本文构建了其他3种碳税政策情景。情景1,将碳税收入作为一般性财政收入,此时全球升温减缓,世界碳排放下降显著,但中国、印度、俄罗斯、马来西亚和印度尼西亚等发展中国家经济发展严重受创,世界经济不均衡加剧。情景2,将各区域的碳税收入汇总之后按照比例统一分配,该情景下,世界碳减排规模较情景1略有下降,但世界各区域的经济较基准情景得到更好的发展。情景3,碳税税率随时间阶段性增长,此时,碳税政策对全球升温的控制更显著;世界各区域,尤其是发展中国家（地区）,经济增长更迅速。另外,碳税收入用来提升区域技术进步,在一定程度上促进了产业的优化升级。碳税政策与技术进步的协同减排政策,考虑了区域经济发展的不均衡性,兼顾了气候治理的公平性,是一种有效、可行的全球气候治理政策。     

Costs of Reducing Carbon Emissions: An Integrated Modeling Framework Approach

This paper presents an approach to estimating world-regional carbon mitigation cost functions for the years 2020, 2050, and 2100. The approach explicitly includes uncertainty surrounding such carbon reduction costs. It is based on the analysis of global energy-economy-environment scenarios described for the 21st century. We use one baseline scenario and variants thereof to estimate cumulative costs of carbon mitigation as a function of cumulative carbon emission reductions. For our baseline for estimating carbon mitigation cost curves, we use the so-called IIASA F scenario. The F scenario is a high-growth, high-emissions scenario designed specifically to be used as a reference against which to evaluate alternatives. Carbon emissions and energy systems costs in the F scenario are then compared with (reduced) emissions and (higher) costs (including macroeconomic adjustment costs) of alternative scenarios taken from the IIASA scenario database. As a kind of sensitivity analysis of our approach, we also present the results of a scenario involving assumptions on particularly rapid technological progress.     

Scenarios for a 2 °C world: a trade-linked input–output model with high sector detail

In this study a scenario model is used to examine if foreseen technological developments are capable of reducing CO₂ emissions in 2050 to a level consistent with United Nations Framework Convention on Climate Change (UNFCCC) agreements, which aim at maximizing the temperature rise to 2 °C compared to pre-industrial levels. The model is based on a detailed global environmentally extended supply–use table (EE SUT) for the year 2000, called EXIOBASE. This global EE SUT allows calculating how the final demand in each region drives activities in production sectors, and hence related CO₂ emissions, in each region. Using this SUT framework, three scenarios have been constructed for the year 2050. The first is a business-as-usual scenario (BAU), which takes into account population, economic growth, and efficiency improvements. The second is a techno-scenario (TS), adding feasible and probable climate mitigation technologies to the BAU scenario. The third is the towards-2-degrees scenario (2DS), with a demand shift or growth reduction scenario added to the TS to create a 2 °C scenario. The emission results of the three scenarios are roughly in line with outcomes of typical scenarios from integrated assessment models. Our approach indicates that the 2 °C target seems difficult to reach with advanced CO₂ emission reduction technologies alone.

Policy relevance

The overall outlook in this scenario study is not optimistic. We show that CO₂ emissions from steel and cement production and air and sea transport will become dominant in 2050. They are difficult to reduce further. Using biofuels in air and sea transport will probably be problematic due to the fact that agricultural production largely will be needed to feed a rising global population and biofuel use for electricity production grows substantially in 2050. It seems that a more pervasive pressure towards emission reduction is required, also influencing the basic fabric of society in terms of types and volumes of energy use, materials use, and transport. Reducing envisaged growth levels, hence reducing global gross domestic product (GDP) per capita, might be one final contribution needed for moving to the 2 °C target, but is not on political agendas now.     

A no cap but trade proposal for emission targets

One problem in international climate policy is the refusal of large developing countries to accept emission reduction targets. Brazil, China and India together account for about 20% of today's CO₂ emissions. We analyse the case in which there is no international agreement on emission reduction targets, but countries do have domestic targets, and trade permits across borders. We contrast two scenarios. In one scenario, Brazil, China and India adopt their business as usual emissions as their target. In this scenario, there are substantial exports of emission permits from developing to developed countries, and substantial economic gains for all. In the second scenario, Brazil, China and India reduce their emissions target so that they have no net economic gain from permit trade. Here, developing countries do not accept responsibility for climate change (as they bear no net costs), but they do contribute to an emission reduction policy by refusing to make money out of it. Adopting such break-even targets can be done at minor cost to developed and developing countries (roughly $2 bn/year each in extra costs and forgone benefits), while developing countries are still slightly better off than in the case without international emissions trade. This result is robust to variations in scenarios and parameters. It contrasts with Stewart and Wiener (2003) who propose granting ‘hot air’ to developing countries to seduce them to accept targets. In 2020, China and India could reduce their emissions by some 10% from the baseline without net economic costs.