Life cycle assessment is a fundamental
tool used to evaluate the
environmental impact of products. Standard life cycle assessment methodology
ignores the impact of greenhouse gases relative to when they are emitted.
In this paper, we present a method for leveraging the social cost
of greenhouse gases to account for the temporal impacts of emissions
in life cycle assessment and techno-economics. To demonstrate, we
use this method to analyze the present value of the monetized impacts
of emissions across multiple electricity generation technologies.
Results show that accounting for time increases the present value
across all but one of the technologies considered. Carbon intensive
technologies show the highest increase, with coal rising between 26%
and 62% depending on social cost scenario. Additionally, we demonstrate
a second method that combines temporally resolved greenhouse gas emissions
with techno-economic analysis. Considering temporal impacts of emissions
within techno-economic analysis increases the levelized cost of electricity
(LCOE) across all technologies considered. Carbon intensive technologies
increase significantly, with the LCOE from coal rising between 37%
and 263% depending on the social cost scenario. The proposed methods
show that temporal resolution in life cycle assessment is critical
for comparing the monetized impacts of greenhouse gas emissions across
technologies.
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