Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Carbon Pricing Location: B131 Session Chair: Joseph Stemmler, University of Oxford | |
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Non-renewable natural capital and the social cost of carbon in wealth accounting 1: National Institute for Environmental Studies, Japan; 2: University of Sussex; 3: London School of Economics and Political Science Fossil fuels represent a significant portion of the wealth of resource-rich nations. However, their valuation as non-renewable natural capital in inclusive or comprehensive wealth accounting to indicate sustainability does not embody the external costs of climate change damages. This study consistently incorporates the social cost of carbon (SCC) into the value of depletion of non-renewable natural capital for wealth accounting of resource-rich nations. We show generalised shadow prices of depletion under different resource allocation mechanisms (RAMs) in the presence of the SCC under declining extraction and the unburnable natural capital stock constraint. In our application to oil, depletion is valued differently across RAMs of user-cost shadow pricing and weighted average shadow pricing, depending on how rent, SCC, and decarbonisation develop in the future. The sustainability implication of the choice of RAM is even more significant in the presence of SCC. | |