Hidden Costs of Energy

This is a very conservative study that puts the price at 120B$ mostly derived from health costs associated with air pollutants (particulate matter, sulphur, nitrogen oxide). This will help develop new ways to measure true cost of energy similar to the new FBCF (Fully Burdened Cost of Fuel) methodology for energy use in military.

Hidden Costs of Energy:
Unpriced Consequences of Energy Production and Use





There is a podcast as well. Snippets from the summary:

Based on the results of external-cost studies published in the 1990s, we focused especially on air pollution. In particular, we evaluated effects related to emissions of particulate matter (PM), sulfur dioxide (SO2), and oxides of nitrogen (NOx), which form criteria air pollutants.1 We monetized effects of those pollutants on human health, grain crop and timber yields, building materials, recreation, and visibility of outdoor vistas. Health damages, which include premature mortality and morbidity (such as chronic bronchitis and asthma), constituted the vast majority of monetized damages, with premature mortality being the single largest health-damage category.

...

The damage estimates presented in this report for various external effects are substantial. Just the damages from external effects the committee was able to quantify add up to more than $120 billion for the year 2005.15 Although large uncertainties are associated with the committee’s estimates, there is little doubt that this aggregate total substantially underestimates the damages, because it does not include many other kinds of damages that could not be quantified for reasons explained in the report, such as damages related to some pollutants, climate change, ecosystems, infrastructure and security. In many cases we have identified those omissions, within the chapters of this report, with the hope that they will be evaluated in future studies.