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Carbon valuation in UK policy appraisal: a revised approach
Carbon valuation in UK policy appraisal: a revised approach

1st July 2009

Topic(s): Economics, Social cost, Carbon markets

This paper sets out a revised approach to valuing carbon in policy appraisal, following a review undertaken within Government in the course of 2008 and early 2009. It concludes that the approach, based on estimates of the SCC, should be replaced with a target-consistent approach, based on estimates of the abatement costs that will need to be incurred to meet specific emissions reduction targets. The case for change is motivated by the considerable uncertainty that exists surrounding estimates of the SCC. The change will have the effect of helping to ensure that the policies the UK Government develops are consistent with the emissions reductions targets that the UK has adopted through carbon budgets and also at an EU and UN level.

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