“…New climate targets emerging from the Paris Agreement and the uncertainty about the signatories’ commitment to Nationally Determined Contributions (NDCs) are prime examples of challenges that need to be addressed in the next generation of IAMs. …”

“…The model yields closed-form solutions for optimal peak warming, optimal emissions along the transition to peak warming and optimal carbon prices, with and without a temperature constraint that is consistent with the UN Paris Agreement. We draw five conclusions. First, optimal peak warming has an elasticity of one or more with respect to several parameters that are highly uncertain. …”