Humans are carbon-based life forms and they live in a carbon-based world while using carbon-based sources of energy to build a carbon-based economy. The Great Reset/Green New Deal, aka Technocracy, is anti-human and anti-civilization.
The social cost of carbon could have ripple effects throughout industry.
President Joe Biden on Friday restored an Obama-era calculation on the economic cost of greenhouse gases, a step that will make it easier for his agencies to approve aggressive actions to confront climate change.
But the administration stopped short, for now, of boosting the cost figure to higher levels that economists and climate scientists say are justified by new research.
The interim figure — $51 for every ton of carbon released into the atmosphere — is well above the $8 cost used under former President Donald Trump, who declined to factor the global impacts of climate pollution into his calculation. It’s on par with a price based on analyses undertaken between 2010 and 2016 under former President Barack Obama, whose administration was first to calculate the figure known as the social cost of carbon.
The price point is temporary. A new Interagency Working Group on the Social Cost of Greenhouse Gases is required to issue a final number by January.
“A more complete update that follows the best science takes time. This is why we are quickly restoring the prior estimates as an interim step,” Heather Boushey, a member of the Council of Economic Advisers, wrote in a blog post.
The social cost of carbon is an effort to quantify the economic and societal damage from greenhouse gas emissions in the coming decades. The figure will be baked into the administration’s number-crunching on the costs and benefits of a wide array of regulations.
Friday’s notice, posted on the Office of Management and Budget website, fulfills a promise Biden made on Inauguration Day when he signed an executive order on climate change that called for a recalculation of the social cost of carbon, which the Trump administration had sharply reduced.
The new price per ton is accompanied by discount rates of2.5 percent, 3 percent and 5 percent, numbers that express the weight of future benefits against immediate ones. A higher discount rate suggests society cares less about long-term consequences than present-day effects.Environmental activists and economists had urged Biden to lower the 3 percent discount rate set by Obama.
Trump had bumped the discount rate up to to 7 percent. When the Obama team modeled its estimates in 2016, a 3 percent discount rate carried a $42 per ton price. A 2.5 percent discount rate pushed the cost to $62 per ton.
Under the figures released Friday, the social cost of carbon will be $51 with the 3 percent discount rate applied. A discount rate of 5 percent would push the price per ton to $14.
“This is to be celebrated for getting the social cost of carbon out from being a political football, which is what Trump did, but it’s Step One. Step Two is restore a transparent process and to return the social cost of carbon to the frontier of climate science and economics,” said Michael Greenstone, a University of Chicago economist who played a primary role developing the Obama-era social cost of carbon. “I view this whole thing as a reset and now they will go out and engage.”
The Interagency Working Group, led by the Council of Economic Advisers, Office of Management and Budget and Office of Science and Technology Policy, must issue recommendations on incorporating the cost into government decision-making and budgeting by September and deliver a final number by January.
The working group, in Friday’s notice, said it was “appropriate“ for federal agencies to revert to the Obama-era values, even though “new data and evidence strongly suggests that the discount rate regarded as appropriate for intergenerational analysis is lower.“
The group set a $1,500-per-ton cost for methane emissions and $18,000 for nitrous oxide.
Promoting Climate Change hoaxes without acknowledging the long standing suppression of free energy technologies like the Tesla Wireless Power Broadcasting System is the height of Western hypocrisy.
The Eastern Alliance are more than ready to implement such paradigm-shifting technologies already, but the Western oligarchy is dragging its feet until the New Normal is in place and fully operational, in order to protect their “values and way of life.”
