|Authors:||Paal Brevik Wangsness, Knut Einar Rosendahl|
|ISBN (digital version):||978-82-480-1968-8|
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The objective of this report is to research the literature on carbon price paths consistent with the goal of limiting global average temperatures to 1.5˚C, and provide guidance i) on the target-consistent level and price path of the cost of carbon, interpreted as the marginal abatement/sequestration cost of reaching a net zero emission target in Europe by 2050, and ii) on application of carbon values within cost benefit analysis (CBA). By extracting results from a large sample of scenarios from different Integrated Assessment Models that have been used in the IPPC Special Report on Global Warming of 1.5 °C, we recommend applying a cost of carbon of 166 Euro per ton CO2 equivalent in 2025, rising to 1014 Euro per ton in 2050. We recommend that this cost of carbon should be applied in CBAs throughout the economy, i.e., independent of whether the project emissions are regulated by the EU ETS or not.