Policy paper

Shadow price of carbon: economic appraisal in the UK

A note from Defra on the difference between the social cost of carbon and the shadow price of carbon, plus peer reviews and response.

• From: Department for Environment, Food & Rural Affairs
• Published: 1 December 2007

This was published under the 2007 to 2010 Brown Labour government

Documents

The Social Cost Of Carbon And The Shadow Price Of Carbon: What They Are, And How To Use Them In Economic Appraisal In The UK

PDF, 215 KB, 24 pages

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Peer Review: Paul Watkiss

PDF, 74.7 KB, 3 pages

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Peer Review: Alex Bowen

PDF, 27.2 KB, 5 pages

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Peer Review: David Newbery

PDF, 96 KB, 5 pages

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Peer Review: Dieter Helm

PDF, 27.2 KB, 2 pages

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Peer Review: Paul Ekins

PDF, 51.4 KB, 8 pages

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Peer Review: Simon Dietz

PDF, 102 KB, 15 pages

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Government economists’ response

PDF, 48.4 KB, 8 pages

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Details

This note sets out:

• a definition of the social cost of carbon, hitherto used in UK government appraisals to reflect the external costs of greenhouse gas emissions;
• the rationale for adopting a shadow price of carbon (SPC) for use in policy and investment appraisals across UK government; and the factors which the SPC reflects which the social cost of carbon (SCC) does not;
• our approach to setting the appropriate level for the shadow price of carbon (SPC), now and in the future; and
• how the SPC should be used in policy advice, and why it differs from other carbon price and cost concepts.

Published 1 December 2007