"The paper places a much higher estimate on economic losses than previous research, calculating a #SocialCostOfCarbon to be $1,056 per ton. This compares to a range set out by the US Environmental Protection Agency (EPA) that estimates the cost to be around $190 per ton.
The cost of transitioning away from #FossilFuels and curbing the impacts of #ClimateChange, while not trivial, pale in comparison to the cost of climate change itself."
"The #SocialCostOfCarbon — a metric for the #climate damage — has been a regulatory staple for years. [Now]d the president ordered agencies to get ready to use it consistently in a host of other government activities — including annual #budgets, #permitting decisions and foreign assistance programs.
Biden also asked agencies to start laying the groundwork to build climate costs into government #procurement."