For the first time, researchers have developed a data set quantifying what the social cost of carbon -- the measure of the economic harm from carbon dioxide emissions -- will be for the globe's nearly 200 countries, and the results are surprising.
Although much previous research has focused on how rich countries benefit from the fossil fuel economy, while damages accrue primarily to the developing world, the top three counties with the most to lose from climate change are the United States, India and Saudi Arabia -- three major world powers. The world's largest CO2 emitter, China, also places in the top five countries with the highest losses.
The social cost of carbon includes lower agricultural yields, vector borne disease, reduced worker productivity due to heat, increased frequency of extreme precipitation resulting in infrastructure damage, etc. The combination and interaction of all these factors translate into an observed effect on the country’s economy as a whole.
India’s country-level cost of carbon is the highest (US$86 per tonne of CO2), 21% of the Global Social Cost of Carbon; followed by the United States and Saudi Arabia (US$47-48 per tonne of CO2); 11% each of the Global Social Cost of Carbon.
Although much previous research has focused on how rich countries benefit from the fossil fuel economy, while damages accrue primarily to the developing world, the top three counties with the most to lose from climate change are the United States, India and Saudi Arabia -- three major world powers. The world's largest CO2 emitter, China, also places in the top five countries with the highest losses.
The social cost of carbon includes lower agricultural yields, vector borne disease, reduced worker productivity due to heat, increased frequency of extreme precipitation resulting in infrastructure damage, etc. The combination and interaction of all these factors translate into an observed effect on the country’s economy as a whole.
India’s country-level cost of carbon is the highest (US$86 per tonne of CO2), 21% of the Global Social Cost of Carbon; followed by the United States and Saudi Arabia (US$47-48 per tonne of CO2); 11% each of the Global Social Cost of Carbon.
This translates to a cost to the US economy of about $250 billion (€215 billion) per five billion metric tons of CO2, which is what the country emits each year. However these impacts are not included in market prices, whereby consumers of fossil fuel energy do not pay for and are unaware of the true costs of their consumption.
India pumps out just 6 percent of global greenhouse gases and will bear more than 20 percent of the global economic burden from climate change.
India pumps out just 6 percent of global greenhouse gases and will bear more than 20 percent of the global economic burden from climate change.
India's emissions crossed 2.5 billion metric tons of C02 in 2016. By the logic of the study quoted above, I calculated that the losses to the indian economy every year due to climate change would be nearly 10 % of our GDP (2.5 million tons of Co2 X 86 USD per ton = 215 billion USD).
Indeed that is about the economic damage reported by the newspapers a month ago. 8 % exactly if you take the GDP figure of 2611 billion USD for 2017 for India. To put this in perspective, 210 USD billion is 8 times what the coal scam cost india. A book estimated that public officials in India may be cornering as much as 1.26 per cent of India's GDP through corruption. The damage to the economy because of rising Co2 emissions is over six times what corruption is costing us every year !
And the scenario gets worse : when the other green house gasses (such as methane) are taken into count, india's emissions even back in 2012 were 3 million metric tons of Co2 equivalent. The Indian economy was smaller then at 1828 USD billion. My estimate is that the damage to the indian economy from all greenhouse gasses that year would have been equal to 14 % of the economy (3 million tons of Co2 X 86 USD per ton = 258 billion USD).
Indeed that is about the economic damage reported by the newspapers a month ago. 8 % exactly if you take the GDP figure of 2611 billion USD for 2017 for India. To put this in perspective, 210 USD billion is 8 times what the coal scam cost india. A book estimated that public officials in India may be cornering as much as 1.26 per cent of India's GDP through corruption. The damage to the economy because of rising Co2 emissions is over six times what corruption is costing us every year !
And the scenario gets worse : when the other green house gasses (such as methane) are taken into count, india's emissions even back in 2012 were 3 million metric tons of Co2 equivalent. The Indian economy was smaller then at 1828 USD billion. My estimate is that the damage to the indian economy from all greenhouse gasses that year would have been equal to 14 % of the economy (3 million tons of Co2 X 86 USD per ton = 258 billion USD).
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