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Executive Summary
Pages 1-4

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From page 1...
... The IWG asked the National Academies of Sciences, Engineering, and Medicine to examine potential approaches, along with their relative merits and challenges, for a comprehensive update to the current methodology. The task was to ensure that the SC-CO2 estimates reflect the best available science, focusing on issues related to the choice of models and damage functions, climate science modeling assumptions, socioeconomic and emissions scenarios, presentation of uncertainty, and discounting.
From page 2...
... The present value of damages reflects society's willingness to trade value in the future for value today. The IWG methodology combines tens of thousands of SC-CO2 results obtained from running three IAMs using five different socioeconomic and emissions projections, a common distribution of equilibrium climate sensitivity (a parameter that characterizes the relationship between CO2 concentrations and long-term global average temperature change)
From page 3...
... • The climate module should use a simple Earth system model that satisfies well-defined diagnostic tests to confirm that it properly captures the relationships between CO2 emissions, atmospheric CO2 concentrations, and global mean surface temperature change and sea level rise. • The damages module should improve and update existing formu lations of climate change damages, make calibrations transparent, present disaggregated results, and address correlation between different formulations.

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