Valuing Climate Damages:
Updating Estimation of the Social Cost of Carbon Dioxide (Phase 2 report)
This new report from the Board on Environmental Change and Society of the National Academies of Sciences, Engineering, and Medicine examines potential approaches for a comprehensive update to the current methodology for estimating the social cost of carbon dioxide (SC-CO2) for U.S. regulatory analysis. The SC-CO2 is an estimate, in dollars, of the net damages incurred by society from a 1 metric ton increase in carbon dioxide emissions in a given year. As required by executive orders and a court ruling, government agencies use the SC-CO2 when analyzing the impacts of various regulations.
The report also recommends near- and longer-term research priorities. The study was requested by the Interagency Working Group on the Social Cost of Greenhouse Gases, which is co-chaired by the Council of Economic Advisors and the Office of Management and Budget.
This is the Phase 2 report. The Phase 1 report examined the advantages and challenges of potential approaches to a near-term narrow update to the SC-CO2. Download the Phase 1 report.
On Wednesday, January 11, members of the report's authoring committee will present their findings and recommendations at a public briefing beginning at 1:00 p.m. EST in Room 100 of the National Academies' Keck Center, 500 5th St., NW, Washington, D.C.