Economics, Econometrics and Finance
8 years ago

UK to adopt Shadow Price of Carbon for greener policy decisions

MPRA Paper
The Social Cost of Carbon and the Shadow Price of Carbon: what they are, and how to use them in economic appraisal in the UK
Richard Price, Simeon Thornton, Stephen T. Nelson

Paper Summary

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The paper discusses the social cost of carbon and shadow price of carbon in the UK. It explains how these concepts are used to evaluate the impact of greenhouse gas emissions on society and the economy. The researchers suggest setting a shadow price of carbon based on global targets for reducing carbon levels. They also recommend adjusting this price over time to align with the costs of reducing emissions. This approach aims to guide policy decisions and investments towards more sustainable practices in the future.