Which one of the following statements best describes the term Social Cost of Carbon?
It is a measure, in monetary value, of the -
1) long-term damage done by a tonne of CO2 emissions in a given year
2) requirement of fossil fuels for a country to provide goods and services to its citizens, based on the burning of those fuels
3) efforts put in by climate refugee to adapt to live in a new place
4) contribution of an individual person to the carbon footprint on the planet Earth