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.
This was published under the 2007 to 2010 Brown Labour government
Documents
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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.
Updates to this page
Published 1 December 2007