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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
Tags
social cost of carbon
climate policy
greenhouse gas mitigation
economic impact
socioeconomic projections

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