Professor of Economics at Sussex advises on the social cost of carbon
Professor of Economics at the University of Sussex, Richard Tol, is advising the US Environmental Protection Agency (EPA), and has played a significant role in evolving their understanding of the economic impacts of climate change.
Professor Tol’s valuable research has developed a new way of estimating the social cost of carbon (SCC). The SCC is a measure of the financial damage associated with a small increase in carbon dioxide (CO2) emissions. The calculated figure is designed to estimate losses from incremental climate change such as flood damage and reduced crop production. Conversely, this monetary figure also represents the value of damages avoided for a given emissions reduction.
In June 2013 the US Government announced an increase in the SCC based on Professor Tol’s research, subsequently influencing key decision-makers across the world.
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