13 Jul '11, 12pm

The “Social Cost of Carbon” and Climate Change Policy

The Obama Administration (and the Bush Administration before it) uses the SCC to assess the benefits of regulations that would limit emissions of carbon dioxide (CO2). The SCC estimates the benefit society will gain, expressed in monetary value, by avoiding the damage caused by each additional metric ton (tonne) of carbon dioxide (CO2) released into the atmosphere. It is part of a larger exercise required by long-standing Executive Order of agencies of the Executive Branch of U.S. Government, including the Environmental Protection Agency. When agencies prepare to issue regulations implementing the laws enacted by Congress, they must justify proposed regulations by assessing their costs and benefits. The SCC is used as the benefits part of the cost-benefit analysis. For a regulation that decreases emissions, the SCC represents the damage avoided or the benefit of the regula...

Full article: http://www.wri.org/stories/2011/07/social-cost-carbon-and...

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