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Replacing fossil fuels-II: High social cost shows the future comes with a big discount for many
Mar 22: A very interesting insight talks of different perspective on global warming when looked at from the prism of developed and developing countries
8The social discount rates on global warming are far higher in a developing country than in the developed world.
8The argument is that the social rate of discount, which must be used to determine the present value of the future costs of carbon, can be as high as 30% in developing countries where two thirds of humanity live
8Using this as a yardstick, from the developing world's perspective, any adverse cost that happens 30 years from now is almost of no value today.
8For example if we have a $100 trillion future cost of global climate change in 30 years, that is a negligible $38 billion present value cost today
8This analysis brings a new dynamics to the business of climate change and its impact on the world and its people.
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