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Social cost of carbon

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The social cost of carbon (SCC) is the marginal cost of the impacts caused by emitting one extra tonne of carbon emissions at any point in time.[1] The purpose of putting a price on a tonne of emitted CO2 is to aid policymakers or other legislators in evaluating whether a policy designed to curb climate change is justified. The social cost of carbon is a calculation focused on taking corrective measures on climate change which can be deemed a form of market failure.[2] The only governments which use the SCC are in North America.[3] The Intergovernmental Panel on Climate Change suggested that a carbon price of $100 per tonne of CO2 could reduce global GHG emissions by at least half the 2019 level by 2030.[4]

Because of politics the SCC is different from a carbon price.[5] According to economic theory, a carbon price should be set equal to the SCC. In reality, carbon tax and carbon emission trading only cover a limited number of countries and sectors, which is vastly below the optimal SCC. In 2024 the social cost of carbon ranges to over $1000/tCO2,[6] while the carbon pricing only ranges to about $160/tCO2.[7] From a technological cost perspective, the 2018 IPCC report suggested that limiting global warming below 1.5 °C requires technology costs around $135 to $5500 in 2030 and $245 to $13000/tCO2 in 2050.[8] This is more than three times higher than for a 2 °C limit.

A 2024 study estimated the social cost of carbon (SCC) to be over $1000 per tonne of CO2[9]—more than five times the United States Environmental Protection Agency recommended value of around $190 per tonne,[10][11] which is in turn much more than the US government value of $51.[12]

  1. ^ Yohe, G.W.; et al. (2007). "20.6 Global and aggregate impacts; 20.6.1 History and present state of aggregate impact estimates". In M.L. Parry; et al. (eds.). Perspectives on climate change and sustainability. Climate Change 2007: Impacts, Adaptation and Vulnerability. Contribution of Working Group II to the Fourth Assessment Report of the Intergovernmental Panel on Climate Change. Cambridge University Press. Archived from the original on 7 November 2011. Retrieved 12 October 2011.
  2. ^ "Social Cost of Carbon 101". Resources for the Future. Retrieved 25 August 2020.
  3. ^ "What is the social cost of carbon?". Brookings. Retrieved 15 December 2023.
  4. ^ IPCC (2022). "Summary for Policymakers". Climate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (PDF). Cambridge, UK and New York, NY, US: Cambridge University Press. p. 37.
  5. ^ Cordeau, Hugo (6 June 2023). "The social cost of carbon". Canada's National Observer. Retrieved 15 December 2023.
  6. ^ Milman, Oliver (17 May 2024). "Economic damage from climate change six times worse than thought – report". The Guardian. ISSN 0261-3077. Retrieved 18 May 2024.
  7. ^ "Price". Carbon Pricing Dashboard. 30 October 2023. Retrieved 18 May 2024.
  8. ^ Cite error: The named reference IPCC SR15 Ch4 2018 374 was invoked but never defined (see the help page).
  9. ^ Bilal, Adrien; Känzig, Diego R. (May 2024), The Macroeconomic Impact of Climate Change: Global vs. Local Temperature (Working Paper), Working Paper Series, doi:10.3386/w32450, retrieved 18 May 2024
  10. ^ "EPA Report on the Social Cost of Greenhouse Gases: Estimates Incorporating Recent Scientific Advances" (PDF).
  11. ^ Milman, Oliver (17 May 2024). "Economic damage from climate change six times worse than thought – report". The Guardian. ISSN 0261-3077. Retrieved 18 May 2024.
  12. ^ "The many prices of carbon dioxide". The Economist. ISSN 0013-0613. Retrieved 18 May 2024.

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