White House restores key climate measure calculating carbon's harm
Send a link to a friend
[February 27, 2021]
WASHINGTON (Reuters) - The White
House on Friday announced a major change in how the federal government
will calculate and weigh the cost of climate change in its permitting,
investment and regulatory decisions with a move to restore the "social
cost of greenhouse gases," which had been slashed under the Trump
administration.
Heather Boushey, a member of the Council of Economic Advisers said that
the Biden administration will restore price estimates made before 2017
of about $50 per ton of greenhouse gases emitted from $10 or less per
ton used by the Trump administration.
"This interim step will enable federal agencies to immediately and more
appropriately account for climate impacts in their decision-making while
we continue the process of bringing the best, most up-to-date science
and economics to the estimation of the social costs of greenhouse
gases," Boushey wrote in a White House blog.
The Bush administration first implemented the "social cost of greenhouse
gases" and the practice was standardized under former President Barack
Obama.
It has been used in rule-making processes and permitting decisions to
estimate the economic damages associated with a rise in greenhouse gas
emissions in areas ranging from agricultural productivity and property
damage from increased flood risk.
[to top of second column]
|
Democratic 2020 U.S. presidential candidate and former Vice
President Joe Biden walks past solar panels while touring the
Plymouth Area Renewable Energy Initiative in Plymouth, New
Hampshire, U.S., June 4, 2019. REUTERS/Brian Snyder/
The Obama administration had created an Interagency Working Group of
technical experts across the government to develop uniform
estimates, subject to public comment. The group will work to develop
a new estimate in months.
Richard Revesz, a professor at New York University School of Law,
said restoring the previous calculation should provide a blueprint
to calculate a new one that incorporates the latest" developments in
science and economics".
Economists Nicholas Stern and Joseph Stiglitz this week said that
the Working Group should not "settle on anything much below $100 per
ton by 2030 for the social cost of carbon" when it replaces the
interim number to be able to achieve the goals of the Paris
agreement, limiting the rise of global temperatures to no more than
1.5 degrees Celsius.
(Reporting by Valerie Volcovici)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content. |