LONDON - The US government is drastically underestimating the social cost of carbon dioxide emissions, which is 3.6 times higher than the estimate currently used to inform many of Washington's key climate policies, a study suggested on Thursday. Read more at straitstimes.com.
LONDON - The US government is drastically underestimating the social cost of carbon dioxide emissions, which is 3.6 times higher than the estimate currently used to inform many of Washington's key climate policies, a study suggested on Thursday.and therefore negatively affects human well-being.
But in research published on Thursday in the journal Nature, a team of American scientists say the reality of such damages is likely far greater, at US$185 per tonne. It is also used as a basis for federal tax credits on carbon capture and storage, zero emission credit payments for nuclear generators and in proposed federal carbon tax legislation.
The estimate also did not incorporate a growing body of research on how climate change is expected to affect human well-being, it added.The Trump administration then slashed the social cost estimate to below US$10 per metric tonne. This allowed federal agencies to roll back fuel economy standards. Prest and his colleagues hope the government will consider their research, which relies on improved socioeconomic projections, climate models, climate impact assessments and economic discounting, or the value that researchers today put on costs incurred by future generations.
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