Economics

Comprehensive evidence implies a higher social cost of CO₂

K. Rennert, F. Errickson, et al.

This groundbreaking research by Kevin Rennert and colleagues reveals that the social cost of carbon dioxide (SC-CO₂) could be as high as $185 per tonne. With enhanced models and projections, the findings advocate for stronger climate policies based on more robust estimates of greenhouse gas mitigation benefits.

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Playback language: English

Index

Abstract

The social cost of carbon dioxide (SC-CO₂) is a key metric informing climate policy. This paper demonstrates that improved probabilistic socioeconomic projections, climate models, damage functions, and discounting methods substantially increase estimates of the SC-CO₂. The preferred mean SC-CO₂ estimate is $185 per tonne of CO₂, significantly higher than current US government values. These higher values increase the estimated benefits of greenhouse gas mitigation and support more stringent climate policies.

Publisher

Nature

Published On

Oct 27, 2022

Authors

Kevin Rennert, Frank Errickson, Brian C. Prest, Lisa Rennels, Richard G. Newell, William Pizer, Cora Kingdon, Jordan Wingenroth, Roger Cooke, Bryan Parthum, David Smith, Kevin Cromar, Delavane Diaz, Frances C. Moore, Ulrich K. Müller, Richard J. Plevin, Adrian E. Raftery, Hana Ševčíková, Hannah Sheets, James H. Stock, Tammy Tan, Mark Watson, Tony E. Wong, David Anthoff

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