Description
The social cost of carbon
The social cost of carbon is a way to put a price on the harm caused by carbon emissions. This is also known as the long-term social, economic, and environmental costs. These costs result from our near-term, or immediate, actions. The social cost of carbon is a tool used in policy decisions. Often, it’s used to consider the negative effects of greenhouse gas emissions. For example, when choosing between gas-powered equipment and solar-powered equipment. Gas equipment tends to be cheaper and solar more expensive. Considering the social cost of carbon helps us understand the costs of burning gas. In doing so, this helps us choose the best technology to use.
What's happening now
Currently, we don’t consider the social cost of carbon when we make decisions as a city. If we don’t measure and recognize these impacts, we can’t make informed decisions. This prevents us from aligning our actions with our climate equity goals.
To do this, we will need to:
- Formally recognize the social cost of carbon
- Make operational changes to budgeting, accounting, program spending and decision-making at all levels
- Coordinate with our partners and other municipal and state government counterparts
Other cities that have been leading on cost of carbon efforts include:
- New York City, NY
- Boston, MA
- Seattle, WA