This paper presents an analysis of the climate and economic impacts of four different carbon emission scenarios. The scenarios include: a ‘business as usual’ reference scenario; a carbon emission mitigation scenario designed to meet the Paris Agreement goal of limiting average global temperature increases to no more than 2o Celsius (C) by 2100; and two scenarios that seek to optimize global welfare taking into account the total costs associated with carbon mitigation, adaptation and damage, one with more rapidly declining low-carbon or zero-carbon technology costs after 2050.


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