Social Cost of Carbon
The Social Cost of Carbon (SCC) is frequently termed "the most important number that you've never heard of." The SCC is intended to represent the economic damages associated with emitting a ton of CO2 (or CO2 equivalent). The SCC is a $ value that could in principle easily translate into a carbon price – and one with an arguably analytical foundation.
The Social Cost of Carbon is important to a lot of federal decision-making under the National Environmental Policy Act (NEPA), but has increasingly been looked to by states as a way to quantify climate damages as part of state-based decision-making.
The Trump Administration eviscerated the SCC by implementing methodological changes to its calculation, and the Biden Administration will certainly revisit the SCC early on. It would be easy to return the SCC to its pre-Trump levels, but it would be a lot more impactful if the Biden Administration were to consider developing a "risk-averse" as opposed to "risk-neutral" SCC. A "risk-averse" SCC would recognize that climate change is an that can only be run once and that can’t be reversed.
It's beyond the scope of this micro-site to dig into a topic as large and complex as the Social Cost of Carbon, but you can do so easily in the Climate Web itself. For example:
Some of the relevant Topical Headings in the Climate Web. To understand the codes you see, visit this FAQ - What do the different Heading types mean?.
For a broader exploration, see Topical Dashboards that can pull together resources including published reports and journal papers, news and opinion pieces, ideas and graphics extracted from sources, videos, websites and web pages, and more:
Relevant Wikipedia pages:
“Pre-set search strings” help you quickly scan for additional or new topical relevant information via Google, Google Scholar, Twitter, YouTube, Vimeo, Quora, Reddit, and DeepDyve. Here’s a descriptive video. As shown in the video, pre-set searches work with on-line access, but are far more useful if you’ve downloaded the Climate Web with Premium Access. The searches then instantly open up in the Climate Web itself, saving you a lot of time. TSTC - Social cost of carbon