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The left-hand side of the equation is the amount of solar radiation (in watts) that reaches the earth’s surface. S is the solar constant (the amount of radiation emitted by the sun in watts per square meter). α is the albedo of the earth/atmosphere system. The albedo is the percentage of solar radiation reflected. R is the radius of the earth. At any given time, the sun’s radiation hits an approximately disc-shaped portion of the earth. This disc’s area is πR^2.
On the right-hand side of the equation is the amount of radiation emitted by the earth. σ is the Stefan-Boltzmann constant. This constant is used to calculate the rate of energy emission from a blackbody. A blackbody absorbs 100% of the radiation that hits it and it emits radiation at the maximum rate for its given temperature. Despite the name, a blackbody does not have to black. To the first order, we can approximate the earth as a blackbody. At any given time, the entire surface area (4πR^2) of the earth is emitting radiation.
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If you want to solve for T yourself: S = 1,367 Wm^-2, α = 0.3, R = 6,378 km, and σ = 5.67*10-8 Wm^-2K^-4. (The unit for temperature is Kelvin. To convert to celcius, subtract 273.)
The radiative equilibrium temperature of the earth is -18°C (0°F). Think about that for a second. According to this equation, the average temperature of the earth is below freezing. However, the observed global mean surface temperature is 15°C (59°F). Obviously, the equation is not representing some essential properties of the earth’s climate.
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