The emission of carbon comes at a particular cost, and the United States is going to pay the copious amount. This is according to a new research revealed in the scientific journal, Nature Climate Change. After the U.S., it’s India who will experience the highest economic loss due to its emission of carbon dioxide (CO2) by 2020.
This is the study which is a collaborative effort of researchers from RFF-CMCC European Institute of Economics and the Environment (EIEE), University of California and Carnegie Institution for science – highlights that the Saudi Arabia, another contender of a heavy emitter, also stands on the lose significantly. Just like the United States, Saudi Arabia will be contributing g 11 percent to the global social cost of carbon (SCC).
China is being one of the world’s largest CO2 emitter. China is likely to incur a relatively lesser cost than the US but is way too higher than India.
This is the study claimed for the first time that a set of data has been developed by the researchers to quantify county level contributors to SCC that is measuring of the damages due to CO2 emissions for at least 169 countries across the globe.
India’s carbon emission on country level social cost was estimated to be the highest at $86 per ton of Carbon dioxide. This means the Indian economy will lose $86 by emitting each additional ton of CO2. India is being followed by the United States, where the economic damages will be $48 per ton of CO2 emission. Saudi Arabia is also very close behind at $47 per ton of CO2 emission.
The economic loss Calculation
Coming again on India, which is emitting more than 2.4 billion metric tons of CO2 that is already bearing an economic loss of $206 billion that is very close to 10 percent of its GDP. CO2 emission owns a higher rate that is of 5.3 billion metric tons, US is also losing more than $254 billion economic cost of per ton of CO2 emission is $48. Giving a high competition by China’s economy, it is suffering a massive set back of worth $243.6.
The reasons behind these studies are more than one. According to researchers, Country level estimates will help us to better understand the regional impacts that are important for the compensation measures and adaption.