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Climate change impacts in models used to calculate the social cost of carbon (SCC) are either poorly documented or based on a small number of dated studies. Here, the authors estimate new damages for the agricultural sector and find that updating this sector alone causes the SCC to increase substantially.
This Review assesses climate change damage functions, which relate climate variables to economic losses, and how integrated information from impacts, adaptation and vulnerability research could be used to improve estimates of economic risk.
Ecosystem accounts quantify trade-offs between the economy and the environment. Here, the authors apply this approach to a regional case study of native forest use to show how it can be used to inform policy about complex land management decisions.
There is tension in developing countries between financial incentives to clear forests and climate regulation benefits of preserving trees. Now research shows that paying private forest owners in Uganda reduced deforestation, adding to the debate on the use of monetary incentives in forest conservation.
A randomized controlled trial of a ‘payments for ecosystem services’ scheme in Uganda finds a significant reduction in deforestation, with cost-of-carbon savings greater than the price of the payments.
Estimates of the social cost of carbon vary widely as a function of different ethical parameters. Faced with values ranging from US$10 to US$1,000 per tCO2 and above, some perplexed policymakers have adopted 'target-consistent' carbon pricing instead.