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  • India Needs a Standard Metric for the Social Cost of GHG

    While carrying out the cost-benefit analysis of different options to replace fossil fuels, these damages—also known as “externalities”—are often not taken into account or remain fuzzy. And that is where a tool like the SCC may help. As per the Institute for Policy Integrity, the SCC is “a metric designed to quantify and monetise climate damages, representing the net economic cost of carbon dioxide emissions.”

  • White House Restores Key Climate Measure Calculating Carbon’s Harm

    The White House on Friday announced a major change in how the federal government will calculate and weigh the cost of climate change in its permitting, investment and regulatory decisions with a move to restore the “social cost of greenhouse gases,” which had been slashed under the Trump administration. Richard Revesz, a professor at New York University School of Law, said restoring the previous calculation should provide a blueprint to calculate a new one that incorporates the latest "developments in science and economics."

  • Watch This Number Closely to See How Seriously Biden Will Tackle Climate Pollution

    Environmental experts hope Biden’s interim social cost of carbon is just an initial step toward a more aggressive policy next year. “The administration is taking a careful and legally sound approach in providing that a rigorous scientific process determine further updates,” said Richard Revesz. “A great deal of research suggests that these interim values are a lower bound for the damages of greenhouse gas emissions.”

  • Biden Administration Restores Obama-Era Carbon Cost Estimate, Plans 2022 Update

    Scientists have long used the social cost of carbon in their research, and several states have continued to use the Obama-era estimate in their policymaking. Richard Revesz said whatever comes out of the working group going forward will be reviewed by leading economists and other experts. "It sets forth a blueprint for the computation of final values, incorporating recent developments in science and economics and the input of the National Academies of Science, Engineering, and Medicine," he said.

  • Biden Officials Issue ‘Interim’ Carbon ‘Costs’ Based on Obama Approach

    Many experts expect the subsequent updates could lead to estimates of climate damages well higher than $100 per ton. “A great deal of research suggests that these interim values are a lower bound for the damages of greenhouse gas emissions. The administration is taking a careful and legally sound approach in providing that a rigorous scientific process determine further updates,” argues Richard Revesz.

  • Advocates Make Their Voices Heard on Mandatory Climate Disclosure

    With the new Administration in Washington, many think tanks and advocacy groups are making their voices heard on crafting mandatory climate disclosure regulations. A new report from the Institute for Policy Integrity at NYU and the Environmental Defense Fund advocates adoption by the SEC of a climate disclosure mandate.

  • Biden Faces Call for Broad SCC Reform to Bolster Value of GHG Policies

    Days before a Biden administration working group releases an “interim” value for the social cost of carbon used to estimate the benefits of greenhouse gas reduction measures, Richard Revesz, director of the Institute for Policy Integrity at New York University, is urging a broad reform of the SCC and the associated “discount rate” of future impacts in order to bolster the value of new EPA GHG rules.

  • Groups Seek Rigorous Grid Reviews, Undercutting Biden’s Climate Goals

    Some environmental groups are vowing to seek rigorous National Environmental Policy Act and other environmental reviews of planned transmission lines, even when they are built to facilitate low- or zero-carbon power, a strategy that may frustrate the Biden administration’s effort to accelerate reviews for such projects. “Unlike the Trump administration, which sought to prioritize environmentally undesirable projects and run roughshod on NEPA requirements in the process, the Biden administration is seeking to prioritize environmentally desirable projects but respect NEPA safeguards,” argues Ricky Revesz, director of the Institute for Policy Integrity at New York University.

  • Rejecting the Trump Anticanon of Regulatory Mismanagement

    • Michael A. Livermore

    President Biden’s day-one presidential memorandum on "modernizing regulatory review" reasserts the importance of evidence, analysis, and expertise in regulatory decision-making. After a four-year long experiment in abandoning these norms of good governance, the Biden memorandum should comfort anyone who cares about cultivating a regulatory system that can improve the well-being of people in the United States.

  • A New Era for Regulatory Review

    • Richard L. Revesz

    On January 20, just hours after being sworn into office, President Joe Biden signed a presidential memorandum on modernizing regulatory review. This document embraces continuity on important components of the administrative state but, more importantly, it provides a significant blueprint for much-needed reform.