US President Joe Biden deserves congratulations for committing the United States to rejoin global efforts to combat climate change. But America and the world must respond to the challenge efficiently. Here, Biden s January 20 executive order establishing an Interagency Working Group on the Social Cost of Greenhouse Gases is an especially important step.
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Top economists warn US against underestimating climate damage
Without a new approach to the social cost of carbon, the authors warn that the US is significantly underestimating the financial impact of carbon emissions.
By Eric Roston and Will Wade, Bloomberg
15 Feb 2021 08:52
Image: Bloomberg
Nobel laureate Joseph Stiglitz and Lord Nicholas Stern published a paper on Monday excoriating the US governmentâand many of their own peers in economicsâfor methods used to estimate the cost of climate change. The warning from two influential economists that policymakers are understating the looming damage from warming temperatures comes just days before President Joe Bidenâs administration is expected to release an interim report on whatâs known as the âsocial cost of carbon.â
Author of the article:
Eric Roston and Will Wade
Publishing date: Feb 14, 2021  â¢Â February 14, 2021  â¢Â 3 minute read  â¢Â
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(Bloomberg) â Nobel laureate Joseph Stiglitz and Lord Nicholas Stern published a paper on Monday excoriating the U.S. governmentâand many of their own peers in economicsâfor methods used to estimate the cost of climate change. The warning from two influential economists that policymakers are understating the looming damage from warming temperatures comes just days before President Joe Bidenâs administration is expected to release an interim report on whatâs known as the âsocial cost of carbon.â
Calculations to define the social cost of carbon allow regulators to adjust federal benefit-cost analyses to account for environmental damage associated with fossil fuels, capturing potentially enormous economic impacts that arenât reflected in mark