Social cost of carbon under a carbon-neutral pathway

Abstract Climate change is the challenge of century, and achieving goals Paris Agreement will require worldwide cooperation mutual effort. Over 120 countries have made their net-zero commitments, quantifying social cost carbon (SCC), i.e. climate damage caused by an additional ton CO 2 emissions, under a carbon-neutral pathway would provide price benchmark for policymakers. Here, we set in detail emission trajectories different jurisdictions based on submitted nationally determined contributions. We then assess global regional warming, damages, SCC with Policy Analysis Greenhouse Effect integrated assessment model. find peak warming about 2.1 °C relatives to pre-industrial levels this century our pathway. And even if all meet not be sufficient limit 1.5 relative levels. compare using fixed discount rates, dynamic discounting, equity weighting approach. Notably, introduction weights increase estimated from 79 (11–186) 291 (83–592) US$ per tCO . damages borne primarily warmer poorer countries, profound inequality likely undermine efforts eradicate extreme poverty. Statistics current taxes trading prices show that they are notably lower than or SCCs, suggesting system does adequately reflect externalities emissions. More studies needed aspects impacts, help refine mechanisms align domestic interests interests, facilitate implementation national commitments place.