Climate change – driven primarily by fossil fuels, deforestation, and polluting industrial processes – is a global crisis with wide-reaching socioeconomic consequences affecting millions of people annually. Thankfully, there are vital methods available to help us understand and quantify these economic aspects, including costs and potential benefits. One of them is the Social Cost of Carbon (SCC).
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Challenges Beyond Temperature
Climate change impacts go beyond rising temperature. Factors like changing precipitation patterns, prolonged droughts, and more frequent and intense extreme weather events all contribute to staggering economic losses. These effects are often linked to temperature changes; for example, rising temperatures alter precipitation patterns, affecting agriculture and infrastructure.
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