There’s no denying the world is already paying for climate change. The price is stronger hurricanes, bigger wildfires, and unpredictable heat waves. So, how can people living on a changing globe literally pay to mitigate the effects of climate change? One solution is to utilize the social cost of carbon, says economist Michael Greenstone. He co-led the development of the US government’s social cost of carbon as chief economist for President Obama’s Council of Economic Advisers. President Biden has raised carbon’s value back to Obama-era levels after the Trump Administration lowered it. Greenstone, who leads the Energy Policy Institute at Chicago, speaks with Pulitzer Prize-winning Washington Post journalist Juliet Eilperin about how we’re just beginning to experience what the climate has in store.

Via Aspen Ideas

Areas of Focus: Climate Change
Definition
Climate Change
Climate change is an urgent global challenge. EPIC research is helping to assess its impacts, quantify its costs, and identify an efficient set of policies to reduce emissions and adapt...
Climate Science
Definition
Climate Science
EPIC’s interdisciplinary team of researchers is contributing to a cross-cutting body of knowledge on the scientific causes of climate change and its social consequences.
Environment
Definition
Environment
Producing and using energy damages people’s health and the environment. EPIC research is quantifying the social costs of energy choices and uncovering policies that help protect health while facilitating growth.
Environmental Health
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Environmental Health
Energy and industrial processes introduce toxins into the environment. EPIC research is helping to educate policymakers and consumers on the social and economic costs of this pollution, and the potential...
Updating the United States Government’s Social Cost of Carbon
Definition
Updating the United States Government’s Social Cost of Carbon
Policymakers could immediately return to the Obama Administration’s social cost of carbon approach paired with a more appropriate discount rate that together would produce a social cost of $125 per...
Social Cost of Carbon
Definition
Social Cost of Carbon
The social cost of carbon is an essential tool for incorporating the cost of climate change into policy-making, corporate planning and investment decisionmaking in the United States and around the...