By Rachel Koning Beals

President Biden’s climate-change team is temporarily returning to numbers used by the Obama administration to assign monetary value to greenhouse gas emissions.

The group indicated in its Friday release that the final values could be higher.

The interim estimate puts the average cost of carbon of $51 per ton as they assess the costs and benefits of mandates to curb emissions. The temporary figure calculates the social cost of carbon, adjusted for inflation, and is used by federal agencies. The report could help the Biden administration justify stricter emissions controls.

Federal agencies will also adopt interim values for the social cost of methane and nitrous oxide, two other greenhouse gases, also aligned with the Obama administration’s metric.

A final number from Biden is expected to be set in a year.

At least one former economist focusing on climate change during the Obama administration, Michael Greenstone, thought Biden should settle on interim values twice as high, at around $100 per ton.

Differing opinions on setting the cost typically are tied to guessing how far in the future the greatest impact will be felt.

Continue Reading at MarketWatch…

Areas of Focus: Social Cost of Carbon
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Social Cost of Carbon
The social cost of carbon is an essential tool for incorporating the cost of climate change into policy-making, corporate planning and investment decisionmaking in the United States and around the...
Climate Change
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Climate Change
Climate change is an urgent global challenge. EPIC research is helping to assess its impacts, quantify its costs, and identify an efficient set of policies to reduce emissions and adapt...
Climate Law & Policy
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Climate Law & Policy
As countries around the world implement policies to confront climate change, EPIC research is calculating which policies will have the most impact for the least cost.