Which one of the following statements best describes the term 'Social Cost of Carbon'?
A
It is a measure, in monetary value, of the long-term damage done by a tonne of CO2 emissions in a given year.
B
It is requirement of fossil fuels for a country to provide goods and services to its citizens, based on the burning of those fuels.
C
It is efforts put in by a climate refugee to adapt to live in a new place.
D
It is contribution of an individual person to the carbon footprint on the planet Earth.
Correct Answer: Option A
Explanation
1. The question asks for the statement that best describes the term 'Social Cost of Carbon' (SCC).
2. The SCC is an estimate of the economic damages that would result from emitting one additional tonne of carbon dioxide (CO2) into the atmosphere.
3. It attempts to capture the full range of negative impacts of climate change, including effects on agriculture, health, property damage from sea-level rise and storms, and ecosystem services, projecting these impacts into the future and discounting them back to a present value.
4. Option (A) accurately defines this concept: "It is a measure, in monetary value, of the long-term damage done by a tonne of CO2 emissions in a given year."
5. Option (B) describes a country's reliance on fossil fuels, not the cost of the emissions.
6. Option (C) describes the adaptation cost for a specific group affected by climate change, which is a component of the overall social cost but not the definition itself.
7. Option (D) describes an individual's carbon footprint, which is a measure of personal emissions, not the monetized societal damage per tonne.