PAGE95 - AN UPDATED VALUATION OF THE IMPACTS OF GLOBAL WARMING

A vital measure for global warming policy is the marginal impact of a tonne of carbon emitted to the atmosphere. In economic terms, this val ue corresponds to the carbon tax level needed to internalize the exter nalities associated with climate change. This study re-evaluates the m arginal impact of CO2 emissions in the light of new scientific and eco nomic understanding of the cooling effects of sulphate aerosols and oz one depletion, the regional distribution of global warming damages, no n-linearity in damage as a function of temperature rise and the approp riate discount rate. Copyright (C) 1996 Elsevier Science Ltd.