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OMB Seeks Public Comments on Its Interim Social Cost of Carbon Metrics | Beveridge & Diamond PC jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
Wednesday, May 12, 2021
The Office of Management and Budget (OMB) announced that it will solicit public comments on the interim social cost of carbon (SCC) metrics released in February by the Interagency Working Group on the Social Cost of Greenhouse Gases (IWG).
Key Take-Aways and Actions
The Social Cost of Greenhouse Gases and specifically the SCC is a key metric used by the U.S. Environmental Protection Agency (EPA) and other agencies to place a monetary value on greenhouse gas (GHG) emissions and reductions during rulemaking and permitting actions.
The Biden Administration previously announced that it would restore the use of the SCC metrics and undertake a process to reevaluate the values and uses of the metrics in agency decision-making processes.
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The Biden Administration has pledged to put the nation on track to achieve carbon neutrality by 2050 and simultaneously to promote environmental justice. Both goals are achievable and, indeed, are complementary. Their complementary nature is exemplified by the two existing North American regional programs for capping and reducing greenhouse gas (GHG) emissions. Those programs, the Regional Greenhouse Gas Initiative (RGGI) governing the power sector and the California-Quebec program, have reduced GHG emissions while creating job growth and funding alternative energy programs to assist homeowners. Both promote environmental justice.
Michael Gerrard and John Dernbach have identified over a thousand policy instruments that can be used to achieve deep decarbonization across the economy. For every sector they examine, they identify the key tool as putting a price on carbon through auction-cap-and-trade programs. The Biden Admin