The University of Chicago
To support the training of early career scholars in developing a more detailed, granular approach to estimating damage functions that can contribute to providing more transparent estimates of the social cost of carbon
The social cost of carbon (SCC) is defined as the cost to society in dollars of releasing the equivalent of one ton of carbon dioxide into the atmosphere. The SCC is a key input measure to almost every legally required cost-benefit analysis of energy and environmental regulation. To properly quantify the SCC researchers need to improve the estimation of damage functions, the models that lay out how climate changes affect the economy. The Climate Impact Lab (CIL) at the University of Chicago, partnering with scientists at the University of California, Berkeley and Rutgers University, is developing the next generation of climate-economic damage functions. The new functions are orders of magnitude more advanced than existing integrated assessment models, providing a spatially detailed, granular set of damage functions for over 25,000 regions globally. Grant funds will support development of the CIL model, its computing infrastructure, and salary support for one postdoctoral and two predoctoral fellows participating in the project.