Updating the United States Government's Social Cost of Carbon

43 Pages Posted: 14 Jan 2021 Last revised: 16 Nov 2021

See all articles by Tamma Carleton

Tamma Carleton

University of Chicago

Michael Greenstone

University of Chicago - Department of Economics; Becker Friedman Institute for Economics; National Bureau of Economic Research (NBER)

Date Written: November 12, 2021

Abstract

Since its release in 2010, the United States government’s Social Cost of Carbon (SCC) has played a central role in climate policy both domestically and internationally. However, rapid progress in climate science and economics over the last decade mean that it is no longer based on the frontier of understanding. Specifically, extensive new research about the climate, economy, and their relationship has altered understanding about the magnitudes of the projected physical and economic impacts of climate change, as well as their heterogeneity across space and time. This paper provides concrete recommendations on how to rebuild the SCC based on these new advances and return it to the scientific frontier.

Suggested Citation

Carleton, Tamma and Greenstone, Michael, Updating the United States Government's Social Cost of Carbon (November 12, 2021). University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2021-04, Available at SSRN: https://ssrn.com/abstract=3764255 or http://dx.doi.org/10.2139/ssrn.3764255

Tamma Carleton

University of Chicago ( email )

1101 East 58th Street
Chicago, IL 60637
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7737026763 (Phone)

Michael Greenstone (Contact Author)

University of Chicago - Department of Economics

1126 East 59th Street
Chicago, IL 60637
United States

Becker Friedman Institute for Economics ( email )

Chicago, IL 60637
United States

National Bureau of Economic Research (NBER)

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Cambridge, MA 02138
United States

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