Concept of Social Cost of Carbon
Question
Which one of the following statements best describes the term 'Social Cost of Carbon'? It is a measure, in monetary value, of the
Options
long-term damage done by a tonne of CO2 emissions in a given year.
requirement of fossil fuels for a country to provide goods and services to its citizens, based on the burning of those fuels.
efforts put in by a climate refugee to adapt to live in a new place.
contribution of an individual person to the carbon footprint on the planet Earth.
Explanation
The Social Cost of Carbon (SCC) is an economic metric representing the marginal external cost (in monetary terms) of emitting one additional tonne of carbon dioxide into the atmosphere. It quantifies the long-term economic damage caused by climate change impacts (like reduced agricultural yields, health issues, and property damage from flooding) resulting from that emission. > One-line conceptual takeaway: The Social Cost of Carbon assigns a dollar value to the economic damages caused by a single tonne of CO2 emissions. Answer: (a).
Question details
Year
2020
Paper
GS Paper 1
Question
Q85
Subject
Environment
Sub-topic
Climate Change & Negotiations
Type
Factual single
Difficulty
Easy
Nature
Static
Source hint
Climate Economics Basic Concepts
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