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A Guide to Updating the US Government’s Social Cost of Carbon

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  • Tamma Carleton
  • Michael Greenstone

Abstract

Since its release in 2010, the US 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 past decade means that the original SCC estimate is no longer based on the frontier of scientific knowledge. Specifically, extensive new research about the climate, the economy, and their relationship has altered our understanding of the magnitudes of the projected physical and economic impacts of climate change, as well as their heterogeneity across space and time. This article, which was written as the Biden presidential administration was actively rebuilding the US SCC, provides concrete recommendations on how to base the SCC on the most recent research advances and thus return it to the scientific frontier.

Suggested Citation

  • Tamma Carleton & Michael Greenstone, 2022. "A Guide to Updating the US Government’s Social Cost of Carbon," Review of Environmental Economics and Policy, University of Chicago Press, vol. 16(2), pages 196-218.
    • Handle: RePEc:ucp:renvpo:doi:10.1086/720988
    DOI: 10.1086/720988
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    Cited by:

    1. Linsenmeier, Manuel & Shrader, Jeffrey G., 2023. "Global inequalities in weather forecasts," SocArXiv 7e2jf, Center for Open Science.
    2. Richard G. Newell & William A. Pizer & Brian C. Prest, 2024. "The Shadow Price of Capital: Accounting for Capital Displacement in Benefit-Cost Analysis," Environmental and Energy Policy and the Economy, University of Chicago Press, vol. 5(1), pages 49-69.

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