[All-postdocs] MPC Seminar Dr. Frank Errickson, Monday April 11 10:30 am ZOOM

[Alison W Maksym]

Hello Everyone –

We have another MPC virtual seminar. Please post and distribute widely. I hope you can make it. Alison

Dr. Frank Errickson
Center for Policy Research on Energy & the Environment
School of Public & International Affairs
Princeton University

Monday, April 11th, 10:30 am (zoom)
Zoom Registration Required:
https://whoi-edu.zoom.us/meeting/register/tJMqf-mqqzoqH9cU6cPC463XyLIaGrsqrjQl

Title:  Equity, Climate Uncertainty, and the Social Cost of Carbon

Abstract:
The social cost of carbon (SCC) is an important and widely used metric that approximates the monetized harm to society from emitting one additional ton of carbon dioxide (CO2) into the atmosphere. For over a decade, the U.S. government has used the SCC in its regulatory impact analyses to value the benefits of reducing CO2 emissions. Current SCC estimates rely, however, on outdated climate models and are largely silent on important questions of equity and the unequal burden of climate change impacts. I first show that using an improved climate and sea-level model calibrated to historic observations nearly halves extreme SCC estimates relative to the climate modeling framework currently used by the U.S. government. I then extend these results to incorporate equity considerations into the SCC by placing greater weight on climate change impacts occurring in lower-income regions. Accounting for equity substantially increases the SCC for high-income regions, providing economic support for stronger CO2 emission reduction efforts in the United States.
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