Beyond Kyoto 2023
The social cost of carbon is an estimate of the economic damages that would result from emitting one additional ton of greenhouse gases into the atmosphere. The Obama administration introduced the first estimated social cost of carbon and it was $43 a ton. The Trump administration estimate was $3–$5 a ton, and the Biden administration estimate is around $51 a ton1.
Biodiversity credits are an economic instrument used to finance activities that deliver net positive biodiversity gains. Unlike carbon or biodiversity offsets, which are payments made by a business to compensate for its damaging impacts on location-specific ecosystems, biodiversity credits allow companies to support nature-positive action, funding long-term conservation and restoration of nature2.
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