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About: Social cost of carbon     Goto   Sponge   NotDistinct   Permalink

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The social cost of carbon (SCC) is the marginal cost of the impacts caused by emitting one extra tonne of greenhouse gas (carbon dioxide equivalent) at any point in time, inclusive of 'non-market' impacts on the environment and human health. The purpose of putting a price on a ton 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. Latest studies calculate costs of more than US$300 per ton of CO2 (/tCO2). The Intergovernmental Panel on Climate Change suggested that a carbon price from $135 to $5,500/tCO2 in 2030, and from $245 to $13,000 in 2050 (2010 US dollars),