Washington Examiner by Abby Smith 2/24/2021
Biden administration misses deadline to update carbon cost as battle begins over its calculation
The Biden administration has missed its self-imposed deadline to publish updated values used to assess the costs and benefits of combating climate change that will be critical to help it justify stricter greenhouse gas mandates.
The lapsed deadline comes as prominent economists have questioned the so-called “social cost of carbon†metric, sharply criticizing the Obama administration’s value as too low to prompt the types of policies needed to curb climate change in line with the Paris climate agreement.
“The way the Obama administration did it was deeply flawed,†wrote Joseph Stiglitz, a Nobel laureate economist at Columbia University, and Nicholas Stern, an economist with the London School of Economics and Political Science, in a commentary Feb. 15.
“Even before Donald Trump became president, therefore, the world — and the U.S. in particular — was on track to do little about climate change,†they wrote. Stiglitz and Stern recommend a social cost of carbon of at least $100 per ton in a recent working paper circulated by the National Bureau of Economic Research.
More:
https://www.washingtonexaminer.com/policy/biden-social-cost-carbon-battle-emerges
