A realistic, moderate and increasing carbon tax policy can definitely make a net benefit for society worth $18 trillion, or 0.4 percent of GDP. But what happens if we aim to enact much more ambitious climate targets, through much higher carbon taxes? The total costs increase dramatically. Trying to keep the temperature rise to 3.9°F in 2100 is still less ambitious than the popular idea enshrined in the Paris Agreement of keeping temperature rises under 3.6°F (2°C). Yet, the total loss to humanity from climate change and policy damage would reach a staggering $391 trillion, or 8.4 percent, of
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