Politics
Biden Turns Back to Obama-Era Method of Valuing Climate Change
- Social cost of carbon set at $51 a ton for 2021
- More permanent figure expected in early 2022
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The Biden administration is reverting to an Obama-era method of calculating the cost of greenhouse gases—a move that industry is almost certain to challenge.
The social cost of carbon is the estimated harm to society of releasing carbon dioxide—the main greenhouse gas—into the atmosphere. It has been used to shape dozens of energy-related regulations.