The White House last week tweaked its Social Cost of Carbon (SCC) metric, asking federal agencies to factor in a price per ton of CO2 of $36 when making regulatory decisions involving GHG reductions. The SCC – a range of price estimates the Obama Administration puts on the long-term damage of GHGs – has been in use since 2009, and in that time its base case price has ranged between $24 and $38. By now, just about everyone accepts that carbon dioxide emissions from burning fossil fuels are warming our planet and changing our climate in harmful ways. Transitioning to a lower carbon economy is an essential step toward reducing these costs. The social cost of carbon (SCC) is a tool that helps Federal agencies decide which carbon-reducing regulatory approaches make the most sense—to know which come at too great a cost and which are a good deal for society. The SCC is a range of estimates, in dollars, of the long-term damage done by one ton of carbon emissions.
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