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The Pie: An Economics Podcast
How Much Would it Cost to Save the Rainforest?
Sep 19, 2023
Renowned economist Lars Peter Hansen discusses the value of the Amazon rainforest as a carbon sink and its impact on climate change. They explore the challenges of incorporating uncertainty in economic models and the trade-offs of using land for agriculture versus carbon capture. The concept of putting a value on the rainforest and the importance of setting an external price for land use are also discussed. Potential solutions for rainforest preservation and the effectiveness of cost adjustments are highlighted.
22:46
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Quick takeaways
- Increasing the price of carbon emissions can incentivize shifting land use toward carbon capture in the Amazon rainforest, leading to meaningful changes in allocation of land for agriculture and carbon absorption.
- By incorporating uncertainty quantification into models, policymakers can restructure incentives to encourage the preservation of the rainforest, resulting in substantial shifts in land use in as little as a decade.
Deep dives
The Importance of the Amazon Rainforest as a Carbon Sink
The Amazon rainforest plays a crucial role in addressing climate change by serving as a natural solution and absorbing carbon from the atmosphere. With over 100 billion tons of captured carbon, equivalent to the total US emissions from 1990 to 2010, the value of the rainforest in combating climate change is significant. While planting more trees in the Amazon and other rainforests can help, it is not a complete solution. However, increasing the price of carbon emissions can incentivize shifting land use toward carbon capture, leading to meaningful changes in the allocation of land for agriculture and carbon absorption.
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