Biden Administration raises social cost of carbon (used in regulatory decisions) from $51/ton to $190/ton
Biden Administration raises social cost of carbon (used in regulatory decisions) from $51/ton to $190/ton
Its new estimate of the economic impact of climate change could create the legal justification for aggressive new regulations.
The higher the number, the greater the government’s justification for compelling polluters to reduce the emissions that are dangerously heating the planet. During the Obama administration, White House economists calculated the social cost of carbon at $42 a ton. The Trump administration lowered it to less than $5 a ton. Under President Biden, the cost was returned to Obama levels, adjusted for inflation and set at $51.
The new estimate of the social cost of carbon, making its debut in a legally binding federal regulation, is almost four times that amount: $190 a ton.
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Thats huge!
Definitely, and still way below the numbers that have been showing up in the academic literature over the past couple years.
It'll have to survive the next election. Republicans will of course only hammer the negative impacts on businesses.
Of course. Pretty much every positive action by the US government has this issue.
I thought 250 usd/ton was one of those numbers from literature?
Whats proposed nowadays?
Up to $525/ton
Ok. Still 200 is better than 50.
Considering Trump wants it at $5 I would consider the current progress fantastic.
Got a source, and also how you go about keeping yourself updated on that number
The full article is paywalled, but the abstract of this meta-analysis states "In the past 10 years, estimates of the social cost of carbon have increased from US$9 per tCO2 to US$40 per tCO2 for a high discount rate and from US$122 per tCO2 to US$525 per tCO2 for a low discount rate." Published May 15 of this year.