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Rising temperatures and more atmospheric carbon dioxide cause rice fields to yield less and release more methane. Shutterstock

Our understanding of the social cost of carbon (SCC) relied on outdated science from the 1980s, and is likely wrong.

The latest calculations based on new modeling by UCLA and Purdue University show a drastic divergence with previous results—an increase of 129 percent, which moves the figure to $19.70 per ton of carbon dioxide. This calculation rests on the Climate Framework for Uncertainty, Negotiation and Distribution, or FUND model.

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