Consider Benefits Of Carbon Emissions Alongside Costs
By Poe Leggette (April 8, 2021, 3:58 PM EDT) -- On Feb. 26, the Biden administration announced that, for at least the rest of the year, federal agencies will conduct regulatory and environmental analyses assuming that the global social cost of emitting carbon dioxide is $51 per ton.
Known as the social cost of carbon, this figure will be used primarily in calculating the impact of agriculture and fossil fuels. The announcement creates the climate policy conundrum of 2021.
The announcement's technical paper explains the assumptions and uncertainties. It also makes clear the $51 value does not consider the social benefit of consuming oil and gas. With similar assumptions and uncertainties...
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