A reading by Louise Lerner, The University of Chicago, that summarises the economic cost of carbon as viewed from the perspective of geologists. This research challenges the traditional cost of carbon, which has been priced at $100 per ton of carbon emission, by stating the cost of carbon to be between $10,000 to $750,000 depending on the geophysical and economic scenarios.
Students will learn about the cost of carbon, discount rate, climate models, and socioeconomic costs amongst others. They will learn the difference between short term and long term carbon cost modelling and why a carbon cost of $100 does not give a holistic scenario of the impacts of carbon emissions.
Use this tool to help your students find answers to:
- What does ‘cost of carbon’ imply?
- What is the difference between the traditional cost of carbon and the new cost of carbon calculated in this reading?
About the tool
|Tool Name||Climate change will ultimately cost humanity $100,000 per ton of carbon, scientists estimate|
|Topic(s) in Discipline||Environmental Economics, Economic Cost, Social Cost of Carbon, Cost of Carbon, Discount Rate|
|Climate Topic||Energy, Economics and Climate Change|
|Type of tool||Reading|
|Grade Level||High School, Undergraduate|
|Developed by||Louise Lerner, University of Chicago|
|Hosted at||Phys.org by Science X Network|