Carbon Dioxide: Social Cost or Social Benefit?
This presentation assesses the benefits of CO2 and compares these to estimates of the social cost of carbon (SCC) that have been published by the Federal government. CO2 is the basis of life on Earth, and the successful development of fossil fuels, which generate CO2, facilitated successive industrial revolutions, created the modern world, and enables the high quality of life currently taken for granted. There is a strong causal relationship between world GDP and CO2 emissions over the past two centuries, and this relationship is forecast to continue for the foreseeable future. We compare the CO2 costs and benefits (on a normalized per ton basis) using the SCC estimates and find that the current and future CO2 benefits clearly outweigh any hypothesized costs by, literally, orders of magnitude.