The question of social discounting is central in intertemporal cost–benefit analysis that often shapes economists’ recommendations regarding climate policy. The practice of discounting has been the object of heated debates among economists and philosophers, revolving around the issue of intergenerational ethics. In this chapter, the authors review the different arguments for and against specific values of social discounting. The authors show that there are actually two different ethical issues at stake: (1) the question of impartiality (or equal treatment of all generations) and (2) the question of priority to the worse off (aversion to inequality in resources, capabilities, or welfare). These questions have emerged in the utilitarian approach and can be neatly separated in that case. They also have very different consequences for climate policy. The authors then argue that the question of social discounting is not confined to the utilitarian framework as it more generally describes the social value of income (or capability or welfare) transfers to future generations. Lastly, the authors discuss the many limitations of social discounting as a tool for policy analysis.