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SOCIAL COST OF

CARBON

What is Social Cost of Carbon (SCC)?

What it means

Put simply, it's an estimated cost of the current and future impacts of climate change.

"The Social Cost of Carbon is usually estimated as the net present value of climate change impacts over the next 100 years (or longer) of one additional tonne of carbon emitted to the atmosphere today."

-OECD.org

Why should we use the social cost of carbon?

Why we want to use it

  • Best practice method to put a dollar figure on the impacts of climate change.

  • Accounts for future as well as current impacts.

  • Empower and educate customers by equipping them with more ways to help fight climate change.

Wait, so what IS the cost?

Conflicting estimates

The two esimated costs we are going to use come from US estimates, and Nature Journal estimates. But what's the difference?

The US method

Obama - $36/t

Trump - $1-7/t

Biden - $51/7

  • Latest figure published in 2021.
  • Figure appears to change by political party/beliefs.
  • Based on common core models for climate impact, with varying versions of inflation rates.
  • There are 3 models used to calculate the result, which NASEM experts believe "have not kept pace with recent advances in climate, economic and demographic science."
  • Other countries, eg canada, also use similar models - and their governments have recognised the need for modernisation.

Nature Journal - $185/t

The Nature Journal Method

  • Created in 2022 by large team of independent scientists and climate experts through Resources For The Futures.
  • Based on models used by the US, but with added modern problems including:
  • Sea level rise
  • Building energy expenditure
  • Temperature-related mortality
  • Agriculture
  • Claimed to represent a more accurate current rate of inflation.
  • Covers damaged running until 2300.

The Nature Journal method

How will we use SCC in the Thrust Calculator?

SCC in the Thrust Calculator

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