PARSEC ("Protection by Anthropogenically induced Repeated Solar EClipses" and/or "Preventing Absorption of Radiation which would lead to Severe impacts on Earth's Climate") is a proposal for a project which could help to reduce the risks of global warming.
The idea is to reflect the incoming solar radiation at suitable variable points while having full control of the process as well as the possibility to adjust the amount of reflected radiation for different parts of the Earth's surface. This could be achieved with several satellites which are situated in relatively low orbits and have a parasol like construction on board which can be unfolded and folded back again depending on demand.
So in short words one could say: "With PARSEC we would get a larger parasol effect!"
It should be mentioned that the idea of a space-based sunshade is not new!
There is even already literature on this idea, e.g.: http://onlinelibrary.wiley.com/doi/10.1029/2008GL033674/abstract.
Look at this formula:
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It is suitable for a calculation of the equilibrium temperature (without any greenhouse effect) on Earth.
Here S = 1366 W m-2 is the solar constant, epsilon is the emissivity of the Earth radiating into space (assumed to be one for a planetary atmosphere) , sigma is the Stefan-Boltzmann constant and finally A is the albedo of the Earth which according to NASA is about 0.306. It can be shown that an albedo increase of about 10% (A = 0.336 instead of A = 0.306) would lead to a new equilibrium temperature which would be about 2 Kelvin lower than the current equilibrium temperature and thus it would compensate at least a part of the increase of global mean temperature, also known as (anthropogenic) global warming (for more information about climate change and anthropogenic global warming see for example: http://www.ipcc.ch).
( Source for formula and values : http://bartonpaullevenson.com/NewPlanetTemps.html )
NOTE:
The author of this page would be happy if such a project will never be necessary because mankind will find other ways to slow down the (anthropogenic) global warming. So the proposal is more to be interpreted as a warning what could be necessary in the future if mankind will not find these ways!
Contact: theparsec(at)posteo.org