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A recent study conducted by Resources for the Future (RFF) and Berkeley estimates that achieving the goals of the Paris Agreement could result in significant economic benefits. The study used the RFF-Berkeley Greenhouse Gas Impact Value Estimator (GIVE) model to calculate that the benefits of meeting the 1.5°C and "well below" 2°C targets could amount to hundreds of trillions of dollars. The GIVE model takes into account various emissions scenarios and predicts a median temperature increase of 2.5°C by 2100. The study also suggests that limiting temperature increases to the Paris Agreement goals would prevent about half of climate damages. [Extracted from the article]

Before we diveinto the details below, the key takeaway isthat our comprehensive update delivers acentral estimate of the SCC of $185 per tonof CO[sub 2], which is 3.6 times larger than theUS government's current interim estimate of$51 per ton. As seen in the firstrow of the table, the 2016 version of the DICEmodel produces an SCC value of $44 per ton(which is similar to the Biden administration'sinterim estimate of $51 per ton, which is basedin part on the DICE model). [Extracted from the article]

The NASEM report points out that prior SCC estimates by the US government -- up to and including the current interim $51-per-ton SCC value -- use somewhat dated and often overly simplistic approaches. More generally, SCC-related research is an ongoing endeavor, and the SCC shouldbe updated at regular intervals as the scientific frontier advances on multiple fronts, as recommended by NASEM. This work is particularly relevant in light of the January 20, 2021, Executive Order 13990, which reestablished the Obama-era Interagency Working Group on the SCC and directed it to update the SCC in consideration of the NASEM report. [Extracted from the article]