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We build a novel stochastic dynamic regional integrated assessment model(IAM) of the climate and economic system including a number of importantclimate science elements that are missing in most IAMs. These elements arespatial heat transport from the Equator to the Poles, sea level rise,permafrost thaw and tipping points. We study optimal policies under cooperationand noncooperation between two regions (the North and the Tropic-South) in theface of risks and recursive utility. We introduce a new general computationalalgorithm to find feedback Nash equilibrium. Our results suggest that when theelements of climate science are ignored, important policy variables such as theoptimal regional carbon tax and adaptation could be seriously biased. We alsofind the regional carbon tax is significantly smaller in the feedback Nashequilibrium than in the social planner's problem in each region, and the Northhas higher carbon taxes than the Tropic-South.

Climate Policy under Spatial Heat Transport: Cooperative and Noncooperative Regional Outcomes