Provide a brief discussion of the ethical implications of using a monetary value of statistical life (VSL) in a CBA conducted on climate change mitigation

The use of a monetary value of statistical life (VSL) in a cost-benefit analysis (CBA) on climate change mitigation raises several ethical implications.

1. Valuing Human Life: The first and foremost ethical issue is the concept of assigning a monetary value to human life. This is a contentious issue as it implies that the worth of a person can be quantified in monetary terms, which many argue is ethically wrong.

2. Equity: The VSL varies greatly across different countries and regions, reflecting differences in income and willingness to pay. This could lead to policies that prioritize richer regions over poorer ones, which raises issues of fairness and equity.

3. Future Generations: Climate change is a long-term issue that will affect future generations. However, these future individuals are not included in the calculation of VSL as they are not currently alive to express their willingness to pay. This raises the ethical issue of intergenerational equity.

4. Uncertainty: The impacts of climate change are uncertain and could be much worse than currently anticipated. Using a VSL in a CBA could underestimate these impacts, leading to insufficient mitigation efforts.

5. Commodification: By using a VSL, we are essentially commodifying life and the environment, which some argue is ethically wrong. This approach may neglect other important values such as biodiversity, cultural heritage, and intrinsic value of nature.

In conclusion, while the use of VSL in a CBA can provide a useful tool for policy decisions, it also raises several ethical issues that need to be carefully considered.