This article discusses a study that finds incredibly high carbon pollution costs – especially for the US and India. As a wealthy, warm country, the US would benefit from implementing a carbon tax to slow global warming.
The social cost of carbon is a measure of the economic damages caused (via climate change) by each ton of carbon pollution that we produce today. It’s difficult to estimate because of physical, economic, and ethical uncertainties. For example, it’s difficult to predict exactly when various climate tipping points will be triggered, how much their damages will cost, and there’s also a question about how much we value the welfare of future generations (which is incorporated in the choice of ‘discount rate’).
A new study led by UC San Diego’s Katharine Ricke published in Nature Climate Change found that not only is the global social cost of carbon dramatically higher than the federal estimate – probably between $177 and $805 per ton, most likely $417 – but that the cost to America is around $50 per ton. That’s the second-highest in the world behind India’s $90, and is also higher than the current federal estimate for the global social cost of carbon.