The private benefit of carbon is much higher than the social cost of carbon

See The Private Benefit of Carbon and its Social Cost by Richard S.J. Tol, Department of Economics, University of Sussex.

"Abstract: The private benefit of carbon is the value, at the margin, of the energy services provided by the use of fossil fuels. It is the weighted average of the price of energy times the carbon dioxi de emission coefficient, with energy used as weights. The private benefits is here estimated, for the first time, at $411/tCO 2 . The private benefit is lowest for coal use in industry and highest for residential electricity; it is lowest in Kazakhstan and high est in Norway. The private benefit of carbon is much higher than the social cost of carbon."