As climate change bakes the planet, dozens of nations including the U.S. and many local governments are putting a price tag on greenhouse gas emissions that are causing more floods, droughts and other destructive events
WHY THE BIG DIFFERENCES?
In the most efficient world, economists say the two figures would line up, meaning there would be agreement about what climate change damages will cost and the policies used to address them.Emissions from northeastern states would have been about 24% higher if the carbon pricing consortium hadn't been in place, according to researchers from Duke University and the Colorado School of Mines.
President Donald Trump moved to roll back many of the Obama-era rules — and to help justify the changes, the Republican administration cut the social cost of carbon from about $50 per ton to $7 or less. The lower number included only domestic climate impacts and not global damages. Under Biden, the U.S. Interior Department for the first time is applying climate damage considerations to
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