The RFF-Berkeley Greenhouse Gas Impact Value Estimator (GIVE model) is an integrated assessment model (IAM) of climate change.
It is made up of four modules that work in sequence:
1) The Socioeconomic Module, which predicts future population, GDP, and greenhouse gas emissions.
2) The Climate Module, which uses the projections from the first module to generate four outputs that show the different types of changes in the climate system, such as global temperature increase.
3) The Damages Module, which assesses the economic damage caused by changes in the climate system, such as impacts on agriculture and human health.
4) The Discounting Module adds up future economic damages over time and translates them into present-day dollars, producing estimates of the Social Cost of Carbon.
The social cost of carbon is the result of the GIVE model that represents the economic damage caused by releasing an additional ton of carbon dioxide into the atmosphere, in present-day dollars. The output is based on the average value instead of the median value, as the average SCC is commonly used as the primary estimate in benefit-cost analysis.
The model does not take into account specific inputs or characteristics of an organization to calculate the social cost of carbon because it considers the economic damages caused by emitting one additional ton of carbon dioxide to be the same for any type of activity.