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#Wonk warning: a #thread on social cost of #carbon (SCC). We at @CVEPLLC expected @JoeBiden not just to reinstate higher SCC in his #dayone #climate order but also to look at incorporating #environmental #justice into it.
He did, and it matters. #OOTT /1
He did, and it matters. #OOTT /1
Background: when #federal #agencies write rules, they try to maximize net benefits or minimize net costs.
The goal is that adding up all benefits for (and costs to) society + all costs to (and benefits for) regulated parties should be > 0. /2
The goal is that adding up all benefits for (and costs to) society + all costs to (and benefits for) regulated parties should be > 0. /2
In this context, SCC offers a way for agencies to “monetize” societal benefits of #climate rules. Oversimplification version: Benefit = (tons of GHG avoided) * (SCC, in $/ton). There are couple of quirks, tho. /3
