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Recalculating the Social Cost of Carbon

Author

Listed:
  • Shayegh, Soheil
  • Bosetti, Valentina
  • Dietz, Simon
  • Emmerling, Johannes
  • Hambel, Christoph
  • Jensen, Svenn
  • Kraft, Holger
  • Tavoni, Massimo
  • Traeger, Christian
  • Van der Ploeg, Rick
Abstract
Over the last few decades, integrated assessment models (IAM) have provided insight into the relationship between climate change, economy, and climate policies. The limitations of these models in capturing uncertainty in climate parameters, heterogeneity in damages and policies, have given rise to skepticism about the relevance of these models for policy making. IAM community needs to respond to these critics and to the new challenges posed by developments in the policy arena. New climate targets emerging from the Paris Agreement and the uncertainty about the signatories’ commitment to Nationally Determined Contributions (NDCs) are prime examples of challenges that need to be addressed in the next generation of IAMs. Given these challenges, calculating the social cost of carbon requires a new framework. This can be done by computing marginal abatement cost in cost-effective settings which provides different results than those calculated using constrained cost-benefit analysis. Here we focus on the areas where IAMs can be deployed to asses uncertainty and risk management, learning, and regional heterogeneity in climate change impacts.

Suggested Citation

  • Shayegh, Soheil & Bosetti, Valentina & Dietz, Simon & Emmerling, Johannes & Hambel, Christoph & Jensen, Svenn & Kraft, Holger & Tavoni, Massimo & Traeger, Christian & Van der Ploeg, Rick, 2018. "Recalculating the Social Cost of Carbon," CSI: Climate and Sustainable Innovation 273369, Fondazione Eni Enrico Mattei (FEEM).
    • Handle: RePEc:ags:feemci:273369
    DOI: 10.22004/ag.econ.273369
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    File URL: https://ageconsearch.umn.edu/record/273369/files/NDL2018-019.pdf
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    Other versions of this item:

    • Soheil Shayegh & Valentina Bosetti & Simon Dietz & Johannes Emmerling & Christoph Hambel & Svenn Jensen & Holger Kraft & Massimo Tavoni & Christian Traeger & Rick Van der Ploeg, 2018. "Recalculating the Social Cost of Carbon," Working Papers 2018.19, Fondazione Eni Enrico Mattei.

    Citations

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    Cited by:

    1. Kim, Yeong Jae & Soh, Moonwon & Cho, Seong-Hoon, 2022. "Identifying optimal financial budget distributions for the low-carbon energy transition between emerging and developed countries," Applied Energy, Elsevier, vol. 326(C).
    2. Benmir, Ghassane & Jaccard, Ivan & Vermandel, Gauthier, 2020. "Green asset pricing," Working Paper Series 2477, European Central Bank.

    More about this item

    Keywords

    Environmental Economics and Policy;

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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