Social Cost of Carbon
marginal economic cost of greenhouse gas emissions, often
known as the Social Cost of Carbon (SCC), is an estimate of
the extra (or marginal) impact caused by the emission of one
additional tonne of carbon (or CO2).
Watkiss Associates has undertaken a large number of studies
on the SCC, and the use of these values and aggregate
economic estimates in policy, with a particular focus in the
most recent publications are summarised below.
Quality Externalities and Damage Costs
Watkiss Associates has expertise in air quality
externalities, and the application to policy appraisal in
the UK and Europe.
studies are summarised below.
P. and Hope, C. (2011).
Using the social cost of carbon in regulatory
deliberations. Wiley Interdisciplinary Reviews - Climate
Change. Vol 2, Issue 6. WIREs Clim Change 2011, 2:886–901.
P. (2011). Aggregate
Economic Measures of Climate Change Damages: Explaining the
Differences and Implications. Wiley Interdisciplinary
Reviews - Climate Change. Vol 2, Issue 3, start page 356.
Published online. 2 May 2011. DOI: 10.1002/wcc.111
Valuation of Greenhouse Gases.
Encyclopaedia of Environmental Health.
P and Downing, T (2008). The Social Cost of Carbon:
Valuation Estimates and Their Use in UK Policy.
Integrated Assessment Journal.
Vol. 8, Iss. 1 (2008), Pp. 85–105
Quality Co-Benefits of Mitigation Policy in Europe –
ClimateCost – FP7 RTD
study assessed the benefits of air quality improvements from
mitigation policy in Europe, assessing the physical impacts
and economic costs.
M., Amann, M., Heyes, C., Rafaj, P., Schöpp, W.
Hunt, A., and Watkiss, P. (2011). The Reduction in
Air Quality Impacts and Associated Economic Benefits of
Mitigation Policy. Summary of Results from the EC RTD
ClimateCost Project. In
Watkiss, P (Editor), 2011.
The ClimateCost Project. Final Report. Volume 1:
Europe. Published by the Stockholm Environment Institute,
Sweden, 2011. ISBN 978-91-86125-35-6.
a summary of the application of the CAFE cost-benefit
analysis in Europe , see:
P., Holland, M., Hurley, F., Hunt, A., and Pye, S. (2007).
Assessing the Costs and Benefits of the European Air
Pollution Policy (CAFE): Results and Lessons from
Experience. p175-199. In.
Economic Appraisal of Environmental Legislation.
Scottish Environmental Protection Agency (SEPA).
Jean Le Roux, Tshering Sherpa and Evan Williams (Eds).
Published by the Stationary Office (TSO).
Analysis to inform the Air Quality Strategy.
Inter-Department Group on Costs and Benefits – UK
Air Quality Strategy
has provided support to IGCB for developing damage costs, as
well work undertaking expert support and Monte Carlo
analysis for the IGCB Economic Assessment of the UK Air
Annex 3 (Damage Costs) and 7 (Monte Carlo Analysis)
and Holland (2007).
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