Meeting Concentration Targets in the Post-Kyoto World: Does Kyoto Further a Least Cost Strategy?

Preliminary analysis based on an aggregate model of global carbon emissions suggests that constraining emissions to the levels that would be imposed by compliance with the results of the Kyoto negotiations can increase the discounted cost of ultimately limiting atmospheric concentrations. Kyoto targets can be either too restrictive or too permissive depending upon the (currently unknown) trajectory of carbon emissions over the near- to medium-term and the (as yet unspecified) concentration target that frames long-term policy. The discounted cost of meeting low concentration targets like 450 ppmv. is diminished by allowing large sinks and/or by imposing more restrictive near-term emissions benchmarks (even if only Annex B countries are bound by the Kyoto accord). Conversely, the cost of achieving high concentration targets like 650 ppmv. is diminished by disallowing sinks and/or by imposing less restrictive emissions benchmarks. Intermediate concentration targets like 550 ppmv. look like high concentration targets (favoring no sinks and expanded near-term emissions) along low emissions paths; but they look like low concentration targets (favoring the opposite) along high emissions paths. Emissions trajectories that lie above the median, but not excessively so, represent cases for which adjustments in the Kyoto emissions benchmarks and/or negotiated allowances for sinks have the smallest effect on the cost of mitigation.