Which one of the following statements best describes the term 'Social

Which one of the following statements best describes the term ‘Social Cost of Carbon’?
It is a measure, in monetary value, of the

[amp_mcq option1=”long-term damage done by a tonne of CO₂ emissions in a given year.” option2=”requirement of fossil fuels for a country to provide goods and services to its citizens, based on the burning of those fuels.” option3=”efforts put in by a climate refugee to adapt to live in a new place.” option4=”contribution of an individual person to the carbon footprint on the planet Earth.” correct=”option1″]

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UPSC IAS – 2020

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The term ‘Social Cost of Carbon’ is best described as a measure, in monetary value, of the long-term damage done by a tonne of CO₂ emissions in a given year.

The Social Cost of Carbon (SCC) is an economic metric used to estimate the full cost of carbon emissions, including the future impacts of climate change such as changes in agricultural productivity, human health effects, property damage from increased flood risk, and the value of ecosystem services. It attempts to put a monetary value on the future harm caused by emitting one additional unit (typically a tonne) of carbon dioxide today.

SCC estimates are complex and involve predicting future climate impacts and discounting future damages to their present value. They are used by policymakers to evaluate the costs and benefits of policies that affect greenhouse gas emissions, such as carbon taxes, emissions trading schemes, or regulations on pollution.

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