fferent degrees of climate change and modelling of the social cost
of carbon, we also looked at the range of estimates of carbon prices
from regulatory and voluntary emission trading schemes worldwide
(see Table 1). The carbon price estimates from the voluntary
agreements presented in Table 1 range over a wide spectrum of
magnitudes, from 2–4 s/tonCO2 in the China Green Carbon
Foundation scheme to 73–101 s/tonCO2 in the Japan Verified
Emissions Reduction Program (J-VER). In this context, we proceed
with the economic valuation of the carbon sequestration services
in the Mediterranean Sea by selecting as benchmark the estimate
of the SCC produced by the European Commission (2008), under