How Much Does Climate Change Cost? Biden Expected to Raise Carbon’s Dollar Value

The administration is expected to temporarily increase the “social cost” of carbon, at least to the level set by Obama, but climate-concerned economists say that’s not high enough.

By Marianne LavelleFebruary 19, 2021 INSIDE CLIMATE NEWS

The Trump administration didn’t put much value on lowering carbon emissions.

In fact, it calculated that the benefits of action on climate change added up to as little as $1 per ton of carbon dioxide, and it set policy accordingly. Almost any steps to reduce greenhouse gases seemed too costly, given the paltry potential gain for society.

President Joe Biden’s White House is moving forward on a crucial first step toward building back U.S. climate policy and is expected to direct federal agencies to use a figure closer to $52 per ton as their guidance for the so-called “social cost of carbon” number on a temporary basis.

That figure, applied during the…