Recalculating the Cost of Climate Change
This post was originally published on Legal Planet. Reprinted with permission.
"The social cost of carbon" isn't exactly a household phrase. It's an estimate of the harm caused by emitting a ton of carbon dioxide over the many decades it remains in the atmosphere. That's an important factor in calculating the costs and benefits of climate regulations. For an arcane concept, it has certainly caused a lot of controversy. The Obama administration came up with a set of estimates, which Trump then slashed by 90 percent.
In an early executive order, Biden created a task force to revisit the issue. Last week, the task force issued its first report. It's an impressive effort given that Biden is barely a month into his presidency. The document provides a clear overview of the ways in which climate science and climate economics have advanced since the Obama estimates and makes the case for rejecting the Trump administration's revisions. At least one federal court has already rejected those revisions, as well.
In no uncertain terms, the report rejects two moves made by the Trump administration as economically unsound. First, the Trump administration refused to consider any of the impacts of climate change outside the …
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