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Figure 2: Percentage Reduction in Carbon Emissions Under Alt

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and Richard Richels, Buying Greenhouse Insurance, MIT 1992, p. 91.)

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Source: EPRI Journal, March 1995.

Figure 6: Percentage Change in GDP for Various OECD Coun

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ford University's Energy Modeling Forum on integra of climate change. One of the most significant e study has been the work of a study group that hav ing the cost of emission reductions proposals for the frame.

An initial report from that subgroup has been sub testimony. In the next few minutes, I will attemp the major findings of that exercise.

While calling for new commitments on the par countries to limit emissions, the Berlin Mandate d what that commitment should be. Rather, it seeks f and assessment to guide and inform the decisionmak The Energy Modeling Forum subgroup addressed in the analysis and assessment phase-the design mitigation strategies. The Framework Conventio Change states that policies and measures to dea change should be cost-effective so as to ensure glo the lowest possible cost.

Adopting least-cost mitigation strategies will free sources for further addressing the climate issue a other societal needs. In our study we explore the wa this objective. In particular, we focused on the imp viding flexibility both in the location and timing of tions.

Let me stress at the outset that the question we a question of how best to reduce emissions. This is question from the question of how much to reduce address the latter requires a careful balancing of the change management proposals with what those p buy in terms of reducing the undesirable consequenc mate change.

The insights from our analysis can perhaps b nicated by way of an example. Among the scenario was one that was similar in spirit to a proposal put Alliance of Small Island States, also known as A

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