Successful project workshop "RESOURCES"

Report of July 10, 2014

On July 8, 2014 the team of the research project "RESOURCES - Resource Markets under Climate Constraints" together with participants of the project "Green Paradox" of PIK and ifo Institute organized a workshop on the topic "Modeling advances of resource markets in times of the fossil renaissance". Both projects are supported by the BMBF program "Economics of Climate Change". The researchers presented their current research result and discussed them with international experts. We currently observe a continuous increase of fossil fuel consumption in Europe and worldwide, despite ongoing climate change mitigation efforts. The growing energy demand and the dramatic increase in extraction of unconventional resources play a major role. In the workshop, the uncertainties to quantify unconventional reserves and future extraction volumes were presented and the economic implications were discussed. The experts concluded that this uncertainty must be factored in the modeling of the long-term evolution of energy resource consumption.