The RCC is the cost of reducing the uncertainty of achieving specific climate mitigation objectives, whereby the targeted levels of uncertainty are the acceptable probabilities (%) of success or failure. To understand why risk can be quantified as a cost-such as with the RCC-it is necessary to accept that risk is the “effect of uncertainty on objectives” (ISO 2009). The HMH could have major implications for economic assessments, climate policy, and environmental law because it posits that the total externalized cost of the market failure is significantly underestimated when the RCC is ignored. ( 2017) introduced using an epistemology of complementary relationships. The possible existence of the RCC is explained with the Holistic Market Hypothesis (HMH), which Chen et al. ( 2017) originally postulated the existence of the RCC, which they describe as the cost of managing climate risk with positive incentives guided by cost-effectiveness analysis. The topic of this chapter is the theoretical plausibility of a second externalized cost of anthropogenic greenhouse gas (GHG) emissions, called the Risk Cost of Carbon (RCC), whereby the first externalized cost is already established as the Social Cost of Carbon (SCC). A key recommendation is to test the hypothesis with experiments. The carbon reward is issued as a parallel currency and with an exchange rate that is managed by central banks over a rolling 100-year planning horizon. The RCC is internalized with a “global carbon reward” that manages a trade-off between market efficiency and climate certainty. The RCC is technically defined as the cost of imposing risk tolerances (%) on climate mitigation objectives, and it has units of USD per tonne of carbon dioxide equivalent (CO 2e) mitigated. The hypothesis is novel by taking into consideration both the entropy and the mass of the carbon budget. Subsequently the RCC could have major implications for climate change economics, public policy, and sustainability theory. Introducing the RCC addresses the problem of how to decouple gross world product (GWP) from carbon emissions and how to solve the paradox of time discounting under systemic risk. The combination of the SCC and RCC creates a new paradigm of complementary market pricing for the dual objectives of improving market efficiency and managing systemic risk, respectively. In this chapter we clarify and expand on a market hypothesis that argues for a second externalized cost of carbon, called the Risk Cost of Carbon (RCC), as the appropriate solution to this risk problem. Standard policies are failing to manage the systemic risk of dangerous-to-catastrophic climate change for a variety of reasons. We intend to add the rest of the months soon.Standard market-based policies for addressing climate change mostly aim to internalize the Social Cost of Carbon (SCC) into the economy with either carbon taxes or cap-and-trade schemes. (Currently only April through June are available due to webpage issues. December 15th & 16th - Coastal low with widespread floodingīelow are the monthly estimated rainfall totals for each month, starting in April.November 24th & 25th - Thanksgiving weekend coastal low.September 17th & 18th - Remnants of "Florence".August 31st & September 1st - Harford County, Maryland & Northern Maryland.August 13th - Baltimore Metropolitan Area.June 22nd - Rappahannock River Basin, Virginia. ![]() June 3rd - Berkeley Springs, West Virginia.May 30th & 31st - Charlottesville & Greene/Madison, Virginia. ![]() May 27th - Ellicott City & Catonsville, Maryland.Select the date (where available) for more information: ![]() We have done reviews of some of the events. Starting in April, greater and more routine rainfall began to occur, prompting several significant floods. Preliminary Precipitation Totals for 2018 LocationĪutumn of 2017 and much of the winter of 2018 were quite dry in the mid-Atlantic region. The July total of 16.73 is the second wettest calendar month on record, behind 18.35 in August 1955. The wettest June, July, September, October, November, and December have all been since 2005. ** these records are still being set as of 1/27/19 All information is preliminary and subject to correction. 2018 totals that did set records are in RED with the old record indicated. PRELIMINARY RAINFALL RECORDS (with ending date):Ģ018 totals that did not set records are shown in purple.
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