The social cost of carbon (SCC) is a key concept in climate change policy, representing the economic cost of an additional ton of carbon dioxide emissions. This study updates SCC estimates using the revised DICE-2016R model, showing an SCC of $31 per ton of CO₂ in 2010 US dollars for the current period (2015). The SCC is projected to grow at 3% per year through 2050. The DICE model, a major integrated assessment model, incorporates economic, climate, and damage factors to estimate SCC. The 2016 revision includes updated economic growth assumptions, revised damage functions, and improved carbon cycle modeling. The SCC is calculated as the marginal welfare impact of emissions relative to consumption. The study compares SCC estimates with other models, finding that the DICE-2016R model's SCC is about one-fifth lower than the IAWG's preferred estimate. The SCC is influenced by discount rates and growth-corrected discount rates, with structural uncertainty in SCC estimates being significant. The SCC has increased since the DICE-2013R model, primarily due to revised economic assumptions and carbon cycle modeling. Regional SCC estimates vary widely, with structural uncertainty affecting the distribution of SCC across regions. The study highlights the importance of accurate SCC estimates for climate policy and the challenges in incorporating uncertainty into SCC calculations.The social cost of carbon (SCC) is a key concept in climate change policy, representing the economic cost of an additional ton of carbon dioxide emissions. This study updates SCC estimates using the revised DICE-2016R model, showing an SCC of $31 per ton of CO₂ in 2010 US dollars for the current period (2015). The SCC is projected to grow at 3% per year through 2050. The DICE model, a major integrated assessment model, incorporates economic, climate, and damage factors to estimate SCC. The 2016 revision includes updated economic growth assumptions, revised damage functions, and improved carbon cycle modeling. The SCC is calculated as the marginal welfare impact of emissions relative to consumption. The study compares SCC estimates with other models, finding that the DICE-2016R model's SCC is about one-fifth lower than the IAWG's preferred estimate. The SCC is influenced by discount rates and growth-corrected discount rates, with structural uncertainty in SCC estimates being significant. The SCC has increased since the DICE-2013R model, primarily due to revised economic assumptions and carbon cycle modeling. Regional SCC estimates vary widely, with structural uncertainty affecting the distribution of SCC across regions. The study highlights the importance of accurate SCC estimates for climate policy and the challenges in incorporating uncertainty into SCC calculations.