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The Social Cost of Carbon Gets an Interim Update from the Biden Administration
Rachel Cleetus, Policy Director and Lead Economist, Climate & Energy | March 2, 2021, 9:28 am EDT This post is a part of a series on
Last Friday, the Biden administration announced an interim update to the social cost of heat-trapping emissions, key metrics for measuring the economic costs of climate impacts from a unit increase in these emissions.
This update to the social cost of carbon dioxide, methane and nitrous oxide comes as a result of an Executive Order from President Biden, and essentially restores the values to what they were prior to the Trump administration, adjusting for inflation. A more thorough process will follow to update these values by January 2022 to reflect the latest science and economics.
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The social cost of carbon (SCC) has a checkered regulatory history spanning nearly 40 years, but it now has been thrust back onto the federal stage, front and center.
Among President Joe Biden s first acts in office was a directive to publish interim social costs for carbon, nitrous oxide and methane within 30 days of his executive order, Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis. along with the final social costs by January 2022.
The executive order reassembles the Interagency Working Group on the Social Cost of Greenhouse Gases (Working Group) – the regulatory apparatus first established by the Obama Administration in 2009 for the purpose of standardizing a valuation of the monetized damages associated with incremental increases in greenhouse gas emissions. A single methodology for determining the dollar figure for the SCC enables federal agencies to fulfill par
22 January 2021
Newly inaugurated President of the United States Joe Biden hit the ground running Wednesday (Thursday morning, Australia time) in instituting his administration’s climate and environmental policies, not only re-signing to the Paris climate change agreement and rescinding approvals for the controversial Keystone XL oil pipeline but initiating the process to roll back Trump-era “environmental” policy by addressing the “social cost of carbon”.
As
RenewEconomy has already reported, US President Joe Biden signed a raft of executive orders almost immediately after his inauguration, including bringing the United States back into the Paris Agreement and rescinding previous approvals for the Keystone XL oil pipeline that was supposed to stretch from Canada to the Gulf Coast.
Biden Orders Immediate Confrontation of Climate Crisis
On Jan. 20, President Joe Biden signed an executive order entitled, “Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis.” It establishes the Biden administration’s commitment to immediately work to confront both the causes and impacts of climate change by implementing policy guided by science. The order rolls back many actions taken by the Trump administration to loosen environmental standards and protections and calls on all federal agency heads to review and “consider suspending, revising, or rescinding the agency actions” that may be inconsistent with Biden’s articulated policy. It also effectively recommits the U.S. to the 2015 Paris Climate Accords, a multilateral treaty designed to reduce carbon emissions and address climate change, which President Trump withdrew the U.S. from in 2017.