the assumptions discussed in DECC (DECC, 2009; p.44 Table 6.3). In
monetary terms this estimate corresponds to 19 s/tonCO2 for the
year 2013. This value is in agreement with the figures in Table 1 as
well as with the work of Tol (2008), but also specific to this world
regional sea. However it still is a very conservative value, in
agreement with van den Bergh and Botzen (2014), and significantly
lower than the one used by US EPA. Furthermore, we also
consider the market price information, including the European
Trade Scheme, the largest regulatory emission trading scheme
worldwide, which as of November 2013 was equal to 4.36 s/
tonCO2. This value is substantially lower than the European
Commission’s estimate, suggesting that the current market price is
a large underestimate of the true cost of carbon, which possibly
reflects the fact that markets are only weakly limited by climate
regulations. By using the presented values as boundaries, we are
able to estimate a range for the carbon sequestration benefits