User:Maldama21/Social cost of carbon

Social Cost of Carbon:

The social cost of Carbon is a calculation to focus on taking corrective measures on climate change which can be deemed a form of market failure.

Criticisms:

Calculating the SCC brings about a degree of uncertainty particularly due to unknown future economic growth and development as well as pending climate system response. Furthermore, the figures produced from the SCC cause calculations to be produced on a range with the most commonly utilized number being the central case value (an average over the entire data set at a given discount rate).

History:

Federal Agencies such as the Environmental Protection Agency and Department of Transportation began to develop other forms of social cost calculations from Carbon during the George H.W Bush Administration. Furthermore, economic social cost from Carbon was judicially mandated in cost-benefit analysis for new policy in 2008 under the U.S. Court of Appeals. The year following in 2009 there was a call for a uniform calculation of social cost from carbon to be utilized by the government.