I analyze the marginal value of reducing greenhouse gas emissions (the "social cost of carbon") under uncertainty about … warming, under uncertainty about how much warming reduces consumption, and under stochastic shocks to consumption growth. I … theoretically demonstrate that each of these sources of uncertainty increases the social cost of carbon under conventional …

system in the low-carbon transition can lead to a large underestimation of climate transition risk. The set of scenarios that … financial supervisors recommended to investors to analyse climate transition risk include scenarios labelled as ‘disorderly … reshaped depending on the timing and the extent by which financial actors assess climate risk …

be summarized by means of an effective CO2 price. Importantly, we also examine CPC uncertainty, for example, by …