A Social Cost of Carbon with Chinese

Characteristics

Time：   2022 14th Oct.   9:00am (UK Time), 17:00 (Beijing Time)

Speaker: Prof. Richard Tol 

Abstract: The number of estimates of the total and marginal economic impact of climate change has increased rapidly in recent years. The central estimate of the total impact of 2.5°C global warming is 1.5-2.0% of GDP, as it has been for 25 years, but the uncertainty was widened. Published estimates of the social cost of carbon span 12 orders of magnitude. The central estimate has increased in recent years, is higher than observed carbon prices, but lower than the shadow price needed to meet the targets of the Paris Agreement. The social cost of carbon increases with greater concern for the less well-off, with greater aversion to risk, and with lower impatience. A social cost of carbon based on Maoist or Confucian principles would thus be higher than one based on the values expressed in the current, mostly Western literature.

Speaker: Dr Richard S.J. Tol MAE is a Professor at the Department of Economics, University of Sussex, the Professor of the Economics of Climate Change, Institute for Environmental Studies and Department of Spatial Economics, Vrije Universiteit, Amsterdam, the Netherlands, and a Research Fellow of the Tinbergen Institute, CESifo, and the Payne Institute for Public Policy. He is an elected Member of the European Academy. Formerly, he was a Research Professor at the Economic and Social Research Institute, Dublin, the Michael Otto Professor of Sustainability and Global Change at Hamburg University and an Adjunct Professor, Department of Engineering and Public Policy, Carnegie Mellon University, Pittsburgh, PA, USA. He has had visiting appointments at the Canadian Centre for Climate Research, University of Victoria, British Colombia, at the Centre for Social and Economic Research on the Global Environment, University College London, and at the Princeton Environmental Institute and the Department of Economics, Princeton University. He received an M.Sc. in econometrics (1992) and a Ph.D. in economics (1997) from the Vrije Universiteit Amsterdam. He is ranked among the top 100 economists in the world and among the top 100 most-cited climate scholars. He has 299 publications in learned journals (with 100+ co-authors). He specialises in the economics of energy, environment, and climate, and is interested in integrated assessment modelling. He is the editor-in-chief for Energy Economics, a top field journal. He is the author of the only textbook on the economics of climate change. He is advisor and referee of national and international policy and research. He was an author of Working Groups I, II and III of the Intergovernmental Panel on Climate Change, shared winner of the Nobel Peace Prize for 2007.

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