Climate change has the potential to affect the global economy through physical impacts, but may also initiate regulations, policies, as well as technological innovation. Over time climate science and environmental economics have developed a better understanding of the potential impact over a...

New infrastructure projects may affect CO2 emissions and, thus, cost benefit analyses for these projects require a value to apply for CO2. This may be based on the marginal social cost of emissions or on the carbon price resulting from present and future policies. This paper argues that both...