The Environmental Protection Agency has proposed a significant increase in the social cost of carbon emissions.
Policymakers use the social cost of carbon to calculate economic damages associated with a rise in greenhouse gas emissions from burning fossil fuels.
Federal agencies under the Biden administration have been using a value of $51 per metric ton of CO2 – which in itself was a steep climb from the Trump administration’s $1 per metric ton.
Now the EPA is proposing to go even higher, at $190 per metric ton. Among other effects, raising this cost is likely to raise the prices at the gaspump.
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