Barron's: "The Damage from Carbon Is More Costly Than We Thought"
An op-ed written by RFF scholars Maureen Cropper, Richard Newell, Brian Prest, and Kevin Rennert discusses the significance of new findings that the social cost of carbon is $185 per ton.
The key finding of the study pegs the social cost of carbon at $185 per ton of CO2—more than triple the government’s current estimate. This finding indicates that many experts and decision makers have been consistently underestimating the economic effects of carbon emissions for years. It also shows, however, that actions taken by governments and corporations to reduce emissions have far greater economic benefits than previously understood. Now we’d estimate a 10-million-ton emissions cut would usher in $1.85 billion of societal benefits. For decision makers crunching numbers, this research casts a whole range of policy proposals in a new light.
Maureen L. Cropper
Maureen Cropper is a a senior fellow at RFF, professor of economics at the University of Maryland, a member of the Board of Directors at the National Bureau of Economic Research, and a member of the National Academy of Sciences.
Richard G. Newell
President and CEO, Resources for the Future
Dr. Richard G. Newell is the President and CEO of Resources for the Future. From 2009 to 2011, he served as the administrator of the US Energy Information Administration, the agency responsible for official US government energy statistics and analysis.
Kevin Rennert is a fellow at RFF. He also serves as director of the Federal Climate Policy Initiative.
Journal Article — Sep 1, 2022
Comprehensive Evidence Implies a Higher Social Cost of CO₂
A multi-year study of the social cost of carbon, a critical input for climate policy analysis, finds that every additional ton of carbon dioxide emitted into the atmosphere costs society $185—far higher than the current federal estimate of $51 per ton.