A group of economists and lawyers is arguing that the current calculation of the societal cost of greenhouse gas emissions is the best estimate available, despite President Trump’s decision to withdraw the metric and disband the interagency working group that…
Best cost estimate of greenhouse gases
R. Revesz, M. Greenstone, M. Hanemann, M. Livermore, T. Sterner, D. Grab, P. Howard, J. Schwartz (2017). Best cost estimate of greenhouse gases. Science. doi: 10.1126/science.aao4322.
Despite the Trump administration’s decision to withdraw the official estimate of the Social Cost of Carbon and disband the interagency working group that developed it, a group of prominent economists and lawyers have highlighted the metric’s continued validity for policy-making. In a letter published in the journal Science, the group takes on key criticisms surrounding the metric, which quantifies the economic costs of carbon dioxide emissions and is used when assessing the costs and benefits of regulations. The letter encourages both government and private-sector analysts to continue using the interagency working group’s Social Cost of Carbon estimate.
One of the biggest hubs of real-time climate research is a lab hundreds of miles from the rising seas and melting ice caps. There are no test tubes or beakers. Instead young scientists and economists hunch over computers analyzing the…
2018. “An Economist’s Guide to Climate Change Science.” Journal of Economic Perspectives, 32 (4): 3-32. DOI: 10.1257/jep.32.4.3