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New science of climate change impacts on agriculture implies higher social cost of carbon

Author

Listed:
  • Frances C. Moore

    (University of California Davis)

  • Uris Baldos

    (Purdue University
    Purdue University)

  • Thomas Hertel

    (Purdue University
    Purdue University
    Purdue Climate Change Research Center)

  • Delavane Diaz

    (Stanford University)

Abstract

Despite substantial advances in climate change impact research in recent years, the scientific basis for damage functions in economic models used to calculate the social cost of carbon (SCC) is either undocumented, difficult to trace, or based on a small number of dated studies. Here we present new damage functions based on the current scientific literature and introduce these into an integrated assessment model (IAM) in order to estimate a new SCC. We focus on the agricultural sector, use two methods for determining the yield impacts of warming, and the GTAP CGE model to calculate the economic consequences of yield shocks. These new damage functions reveal far more adverse agricultural impacts than currently represented in IAMs. Impacts in the agriculture increase from net benefits of $2.7 ton−1 CO2 to net costs of $8.5 ton−1, leading the total SCC to more than double.

Suggested Citation

  • Frances C. Moore & Uris Baldos & Thomas Hertel & Delavane Diaz, 2017. "New science of climate change impacts on agriculture implies higher social cost of carbon," Nature Communications, Nature, vol. 8(1), pages 1-9, December.
    • Handle: RePEc:nat:natcom:v:8:y:2017:i:1:d:10.1038_s41467-017-01792-x
    DOI: 10.1038/s41467-017-01792-x
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    Cited by:

    1. David Anthoff & Richard S. J. Tol, 2022. "Testing the Dismal Theorem," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 9(5), pages 885-920.
    2. Demarchi, Gabriela & Subervie, Julie & Leite, Fernando Palha & Laclau, Jean-Paul, 2021. "Farmers' preferences for water-saving strategies in Brazilian eucalypt plantations," Forest Policy and Economics, Elsevier, vol. 128(C).
    3. Pechan, Paul M. & Bohle, Heidi & Obster, Fabian, 2023. "Reducing vulnerability of fruit orchards to climate change," Agricultural Systems, Elsevier, vol. 210(C).
    4. Kotz, Maximilian & Kuik, Friderike & Lis, Eliza & Nickel, Christiane, 2023. "The impact of global warming on inflation: averages, seasonality and extremes," Working Paper Series 2821, European Central Bank.
    5. Anton Orlov & Anne Sophie Daloz & Jana Sillmann & Wim Thiery & Clara Douzal & Quentin Lejeune & Carl Schleussner, 2021. "Global Economic Responses to Heat Stress Impacts on Worker Productivity in Crop Production," Economics of Disasters and Climate Change, Springer, vol. 5(3), pages 367-390, October.
    6. Katherine Calvin & Bryan K. Mignone & Haroon S. Kheshgi & Abigail C. Snyder & Pralit Patel & Marshall Wise & Leon E. Clarke & Jae Edmonds, 2020. "Global Market And Economic Welfare Implications Of Changes In Agricultural Yields Due To Climate Change," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 11(01), pages 1-18, February.
    7. Qu, Yang & Swales, J. Kim & Hooper, Tara & Austen, Melanie C. & Wang, Xinhao & Papathanasopoulou, Eleni & Huang, Junling & Yan, Xiaoyu, 2023. "Economic trade-offs in marine resource use between offshore wind farms and fisheries in Scottish waters," Energy Economics, Elsevier, vol. 125(C).
    8. Philip Meyer, 2023. "Comment on ‘Climate sensitivity, agricultural productivity and the social cost of carbon in FUND’," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 25(2), pages 285-290, April.
    9. Rising, James A. & Taylor, Charlotte & Ives, Matthew C. & Ward, Robert E.T., 2022. "Challenges and innovations in the economic evaluation of the risks of climate change," Ecological Economics, Elsevier, vol. 197(C).
    10. Charlotte Janssens & Petr Havlík & Tamás Krisztin & Justin Baker & Stefan Frank & Tomoko Hasegawa & David Leclère & Sara Ohrel & Shaun Ragnauth & Erwin Schmid & Hugo Valin & Nicole Van Lipzig & Miet M, 2020. "Global hunger and climate change adaptation through international trade," Nature Climate Change, Nature, vol. 10(9), pages 829-835, September.
    11. Zhao, Xin & Calvin, Katherine V. & Wise, Marshall A. & Iyer, Gokul, 2021. "The role of global agricultural market integration in multiregional economic modeling: Using hindcast experiments to validate an Armington model," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 1-17.
    12. Bagus Setiabudi Wiwoho & Ike Sari Astuti & Purwanto Purwanto & Ifan Deffinika & Imam Abdul Gani Alfarizi & Hetty Rahmawati Sucahyo & Randhiki Gusti & Mochammad Tri Herwanto & Gilang Aulia Herlambang, 2023. "Assessing long-term rainfall trends and changes in a tropical watershed Brantas, Indonesia: an approach for quantifying the agreement among satellite-based rainfall data, ground rainfall data, and sma," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 117(3), pages 2835-2862, July.
    13. Richard S.J. Tol, 2021. "Estimates of the social cost of carbon have not changed over time," Working Paper Series 0821, Department of Economics, University of Sussex Business School.
    14. Rising, James A. & Taylor, Charlotte & Ives, Matthew C. & Ward, Robert E.t., 2022. "Challenges and innovations in the economic evaluation of the risks of climate change," LSE Research Online Documents on Economics 114941, London School of Economics and Political Science, LSE Library.
    15. Wei, Taoyuan & Aaheim, Hans Asbjørn, 2021. "Economic damage of climate change: How far is it from the physical damage?," Conference papers 333256, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    16. Richard S.J. Tol, 2020. "Kernel density decomposition with an application to the social cost of carbon," Working Paper Series 0720, Department of Economics, University of Sussex Business School.
    17. Jia, Zhijie & Lin, Boqiang, 2022. "CEEEA2.0 model: A dynamic CGE model for energy-environment-economy analysis with available data and code," Energy Economics, Elsevier, vol. 112(C).
    18. Thomas Knoke & Nick Hanley & Rosa Maria Roman-Cuesta & Ben Groom & Frank Venmans & Carola Paul, 2023. "Trends in tropical forest loss and the social value of emission reductions," Nature Sustainability, Nature, vol. 6(11), pages 1373-1384, November.
    19. Richard S. J. Tol, 2021. "Estimates of the social cost of carbon have increased over time," Papers 2105.03656, arXiv.org, revised Aug 2022.
    20. Kevin Dayaratna & Ross McKitrick, 2023. "Reply to comment on “climate sensitivity, agricultural productivity and the social cost of carbon in fund” by Philip Meyer," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 25(2), pages 291-298, April.

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