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Many studies have estimated the social cost of carbon (SCC). We critically evaluate SCC estimates, focusing on omitted cost categories, discounting, uncertainties about damage costs and risk aversion. This allows for the calculation of a lower bound to the SCC. Dominant SCC values turn out to be gross underestimates, notably, but not only, for a low discount rate. The validity of this lower bound is supported by a precautionary approach to reflect risk aversion against extreme climate change. The results justify a more stringent climate policy than is suggested by most influential past studies. [ABSTRACT FROM AUTHOR]

The weakening of Irene from a Category 3 hurricane to a tropical storm resulted in less damage in New York City (NYC) than initially was anticipated. It is widely recognized that the storm surge and associated flooding could have been much more severe. In a recent study, we showed that a direct hit to the city from a hurricane may expose an enormous number of people to flooding. A major hurricane has the potential to cause large-scale damage in NYC. The city's resilience to flooding can be increased by improving and integrating flood insurance, flood zoning, and building code policies. [ABSTRACT FROM AUTHOR]

In contrast to many discussions based on annual emissions, this article presents calculations and projections of cumulative contributions to the stock of atmospheric CO2 by the major players, China, Europe, India, Japan and the USA, for the period 1900-2080. Although relative contributions to the climate problem are changing dramatically, notably due to the rapid industrialization of China, long-term responsibilities for enhanced global warming have not been transparently quantified in the literature. The analysis shows that if current trends continue, by the middle of this century China will overtake the USA as the major cumulative contributor to atmospheric concentrations of CO2. This has enormous implications for the debate on the ethical responsibilities of the major greenhouse gas emitters. Effective climate policy will require both the recognition of shared responsibility and an unprecedented degree of cooperation. [ABSTRACT FROM AUTHOR]