Governments elsewhere have moved more aggressively. Canada, for example, imposes fuel charges on individuals and also makes big polluters pay for emissions.
BILLINGS, Mont. — As climate change bakes the planet, dozens of nations and many local governments are putting a price tag on greenhouse gas emissions that are increasing flooding, droughts and other costly catastrophes.President Joe Biden is attempting a less direct approach — known as the social cost of carbon — that calculates future climate damages to justify tougher restrictions on polluting industries. Republicans say that could crush many businesses. They want the U.S.
“Part of the reason you need all of these things to work in tandem is we do not have a federal climate policy,” said Seth Blumsack, director of the Center for Energy Law and Policy at Penn State University. “We have social cost of carbon used in regulatory decisions but not that is faced by the market.
In other words, the social cost of carbon guides policy, while carbon pricing represents policy in practice. The carbon auctions also have brought in almost $5 billion that can be used to reduce household energy cost increases and promote renewable energy. 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 oil and gas sales on public lands and waters. An upcoming lease sale in Wyoming, for example, could result in future emissions of 34 million tons of carbon dioxide. That’s equivalent to more than $1.5 billion in future damages.
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