The economic damage caused by a ton of CO2 emissions-often referred to as the “social cost of carbon-could actually be six times higher than the value that the United States uses to guide current energy regulations, and possibly future mitigation policies, Stanford scientists say.
A recent U.S. government study concluded, based on the results of three widely used economic impact models, that an additional ton of CO2 emitted in 2015 would cause US$37 worth of economic damages. These damages are expected to take various forms, including decreased agricultural yields and harm to human health related to climate change.
But according to a new study, published online this week in the journal Nature Climate Change, the actual cost could be much higher. “We estimate that the social cost of carbon is not $37, as previously estimated, but $220,” said study coauthor Frances Moore, a PhD candidate in the Emmett Interdisciplinary Program in Environment and Resources in Stanford’s School of Earth Sciences.
Based on the findings, countries may want to increase their efforts to curb greenhouse gas emissions, said study coauthor Delavane Diaz, a PhD candidate in the Department of Management Science and Engineering. “If the social cost of carbon is higher, many more mitigation measures will pass a cost-benefit analysis,” Diaz said. “Because carbon emissions are so harmful to society, even costly means of reducing emissions would be worthwhile.”
Read more at: http://phys.org/news/2015-01-social-climate-scientists.html#jCp
Paper: Moore et al., 2015. Temperature impacts on economic growth warrant stringent mitigation policy,Nature Climate Change, DOI: 10.1038/nclimate2481