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Revising the cost of climate change

2024-09-12 18:18:54.071726+02 by Dan Lyke 0 comments

The Macroeconomic Impact of Climate Change: Global vs. Local Temperature Adrien Bilal & Diego R. Känzig

This paper estimates that the macroeconomic damages from climate change are six times larger than previously thought. Exploiting natural global temperature variability, we find that 1°C warming reduces world GDP by 12%. Global temperature correlates strongly with extreme climatic events unlike country-level temperature used in previous work, explaining our larger estimate. We use this evidence to estimate damage functions in a neoclassical growth model. Business-as-usual warming implies a 29% present welfare loss and a Social Cost of Carbon of $1,065 per ton. These impacts suggest that unilateral decarbonization policy is cost-effective for large countries such as the United States.

Via Revising the cost of climate change: New study of economic toll yields projections ‘six times larger than previous estimates’

8,887 grams of CO2 emitted per gallon of gasoline, 112.5 gallons of gas emits a metric ton, which suggests gas taxes should go up by at least $9.46/gallon.

[ related topics: Invention and Design Work, productivity and environment Economics Global Warming ]

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