Climate Risks and Carbon Prices: Revising the Social Cost of Carbon. Ackerman, F. & Stanton, E. A. Economics: The Open-Access, Open-Assessment E-Journal, 6(2012-10):1, 2012. ![Climate Risks and Carbon Prices: Revising the Social Cost of Carbon [link]](https://bibbase.org/img/filetypes/link.svg "link")
Paper doi abstract bibtex The social cost of carbon – or marginal damage caused by an additional ton of carbon dioxide emissions – has been estimated by a U.S. government working group at $21/tCO2 in 2010. That calculation, however, omits many of the biggest risks associated with climate change, and downplays the impact of current emissions on future generations. Our reanalysis explores the effects of uncertainty about climate sensitivity, the shape of the damage function, and the discount rate. We show that the social cost of carbon is uncertain across a broad range, and could be much higher than $21/tCO2. In our case combining high climate sensitivity, high damages, and a low discount rate, the social cost of carbon could be almost $900/tCO2 in 2010, rising to $1,500/tCO2 in 2050.
@article{ackerman_climate_2012,
title = {Climate {Risks} and {Carbon} {Prices}: {Revising} the {Social} {Cost} of {Carbon}},
volume = {6},
issn = {1864-6042},
shorttitle = {Climate {Risks} and {Carbon} {Prices}},
url = {http://www.economics-ejournal.org/economics/journalarticles/2012-10},
doi = {10.5018/economics-ejournal.ja.2012-10},
abstract = {The social cost of carbon – or marginal damage caused by an additional ton of carbon dioxide emissions – has been estimated by a U.S. government working group at \$21/tCO2 in 2010. That calculation, however, omits many of the biggest risks associated with climate change, and downplays the impact of current emissions on future generations. Our reanalysis explores the effects of uncertainty about climate sensitivity, the shape of the damage function, and the discount rate. We show that the social cost of carbon is uncertain across a broad range, and could be much higher than \$21/tCO2. In our case combining high climate sensitivity, high damages, and a low discount rate, the social cost of carbon could be almost \$900/tCO2 in 2010, rising to \$1,500/tCO2 in 2050.},
language = {en},
number = {2012-10},
urldate = {2017-06-28},
journal = {Economics: The Open-Access, Open-Assessment E-Journal},
author = {Ackerman, Frank and Stanton, Elizabeth A.},
year = {2012},
keywords = {KR, Untagged},
pages = {1},
}
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