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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
The two esimated costs we are going to use come from US estimates, and Nature Journal estimates. But what's the difference?
Obama - $36/t
Trump - $1-7/t
Biden - $51/7
Nature Journal - $185/t