Probabilistic cost estimates for climate change mitigation(Abstract, Joeri Rogelj, David L. McCollum, Andy Reisinger, Malte Meinshausen & Keywan Riahi, Nature, Jan. 2, 2013)

Also discussed here: Carbon price of $30 needed to avoid 2°C climate target(Ed King, RTCC, Jan. 3, 2013)

Today we review a report from the highly respected International Institute for Applied Systems Analysis (IIASA) that looks at the relationship between the price put on carbon consumption and the resulting global temperature increase that follows because of atmospheric greenhouse gas emissions. An analysis of the climate impacts and instability that result from more than 2 degrees C warming, starting with”extreme heat waves with severe societal impacts” and leading to “global mass extinctions” indicates the need to have a carbon price that would limit warming to that amount. However, continued inaction by political leaders for another decade, the factor seen to be…