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Climate Impacts on Natural Capital: Consequences for the Social Cost of Carbon

Author

Listed:
  • Bernardo A. Bastien-Olvera

    (Geography Graduate Group, University of California, Davis, California, USA)

  • Frances C. Moore

    (Department of Environmental Science and Policy, University of California, Davis, California, USA)

Abstract

The effects of climate change on natural systems will be substantial, widespread, and likely irreversible. Warmer temperatures and changing precipitation patterns have already contributed to forest dieback and pushed some species toward extinction. Natural systems contribute to human welfare both as an input to the production of consumption goods and through the provision of nonuse values (i.e., existence and bequest values). But because they are often unpriced, it can be difficult to constrain these benefits. Understanding how climate change effects on the natural capital stock affect human well-being, and therefore the social cost of carbon (SCC), requires understanding not just the biophysical effects of climate change but also the particular role they play in supporting human welfare. This article reviews a range of topics from natural capital accounting through climate change economics important for quantifying the ecological costs of climate change and integrating these costs into SCC calculations.

Suggested Citation

  • Bernardo A. Bastien-Olvera & Frances C. Moore, 2022. "Climate Impacts on Natural Capital: Consequences for the Social Cost of Carbon," Annual Review of Resource Economics, Annual Reviews, vol. 14(1), pages 515-532, October.
  • Handle: RePEc:anr:reseco:v:14:y:2022:p:515-532
    DOI: 10.1146/annurev-resource-111820-020204
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    Cited by:

    1. Fangzhi Wang & Hua Liao & Richard S. J. Tol & Changjing Ji, 2024. "Endogenous Preference for Nonmarket Goods in Carbon Abatement Decisions," Decision Analysis, INFORMS, vol. 21(4), pages 235-251, December.

    More about this item

    Keywords

    climate change; climate damages; ecosystem services; natural capital; social cost of carbon;
    All these keywords.

    JEL classification:

    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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