The Social Cost of Carbon: Trends, Outliers and Catastrophes

By Richard S. J. Tol. 2008

469 citations recorded by the source corpus.

Abstract 211 estimates of the social cost of carbon are included in a meta-analysis. The results confirm that a lower discount rate implies a higher estimate; and that higher estimates are found in the gray literature. It is also found that there is a downward trend in the economic impact estimates of the climate; that the Stern Review’s estimates of the social cost of carbon is an outlier; and that the right tail of the distribution is fat. There is a fair chance that the annual climate liability exceeds the annual income of many people.

Subfields: Economics and Econometrics, Renewable Energy, Sustainability and the Environment

View Paper: https://www.semanticscholar.org/paper/d634b7b82ef2b8ed3b183b03d68d24403cd2bb2e

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Citations in the corpus

A Cost-effectiveness Analysis for Incineration or Recycling of Dutch Household Plastic Waste (2017, methodology): “16 Tol (2008) makes use of a Kernel-distribution.”
Estimates of the social cost of carbon: A review based on meta-analysis (2019, background): “Tol (2008) estimated the SCC based on 211 estimates from 47 studies, and found that the estimated SCC was higher with a lower discount rate and there was a downward trend in the economic impact of climate.”
Reducing Petroleum Consumption from Transportation (2012, unknown): “Tol (2008) is a meta-study of the existing literature, for studies written after 2001, he finds the median social cost of carbon ranges from $17 to $62 per metric ton of CO2-equivalent.”
Measuring and modelling above-ground carbon and tree allometry along a tropical elevation gradient (2012, background): “The more widely accepted ‘‘social cost’’ of carbon (the estimated cost of the physical impact of climate change associated with carbon loss) could range from US$49–71 t 1 (mean of peer-reviewed estimates; Tol, 2008), giving an over-valuation of US$2695– 3905 ha 1 (mean $3300).”
The Economic Effects of Climate Change (2009, methodology): “For more detail, see Tol (2008c).”
Estimating the social cost of non-CO2 GHG emissions: Methane and nitrous oxide (2012, background): “…cost of carbon dioxide (SCCO2) has become a common metric in estimating the benefits associated with incremental reductions of carbon dioxide emissions.1 The SCCO2 has been widely studied (see Pearce (2003) for a review) and researchers have produced a large set of varied estimates (Tol, 2007).”
Some Contributions of Integrated Assessment Models of Global Climate Change (2017, background): “11See Johnson and Hope (2012), Tol (2008, 2009), and Nordhaus (2014) for more on these projections of the SCC. IAMS.”
Supply Chain Design and Carbon Penalty: Monopoly vs. Monopolistic Competition (2015, background): “Several researchers have documented that the estimated carbon cost can range from $50 to $300 per metric ton of CO 2 (Frank 2012, Tol 2008, Johnson and Hope 2012).”
Valuing the carbon sequestration potential for European agriculture (2013, background): “of close to zero up to 54 euro2012/tonne CO2 (Anthoff, 2007; Anthoff et al., 2009; Tol, 2008).”