Emissions are costing us more than we think, according to a study published Thursday in Nature. Researchers argue that the price of a metric ton of carbon dioxide, as noted by the White House, is 3.6 lower than it should be and should actually be revised up to $185. The current social cost of carbon (SCC) figure—$51—is meant to take into account the damage adding emissions to the atmosphere would cause, such as loss of life, the decimation of agriculture, and even electrical costs for consumers. Conversely, it also shows the benefits of reducing emissions or not moving forward with emissions-heavy projects.
That $51 figure was established by the Obama White House and is still used by the Biden administration. While not great, it’s not nearly as inadequate as the figures put forth by the Trump administration. As the Washington Post reports, the Trump White House tried to push SCC to as low as $1 in order to advance an environmentally damaging agenda that, according to some estimates, could up greenhouse gas emissions by 1.8 billion by 2035 if just five key Trump policies are not reversed. It was a May Supreme Court decision that even allowed Biden to stick with the $51 figure.
“Our estimate, which draws on recent advances in the scientific and economic literature, shows that we are vastly underestimating the harm of each additional ton of carbon dioxide that we release into the atmosphere. The implication is that the benefits of government policies and other actions that reduce global warming pollution are greater than has been assumed,” study co-author and Resources for the Future President Richard Newell said in a press release. The nonprofit partnered with researchers from the University of California, Berkeley, to co-lead the multi-year study.
It’s certainly on the Biden administration’s radar, given the fact that three Environmental Protection Agency employees working independently of the agency were part of the team of researchers. SCC can help set more robust climate policies because of the research that backs it. A higher figure could force polluters to meaningfully address their misconduct and be held accountable while also making the case for drastically lowering emissions across sectors. Revising that figure up to $185 could also be crucial in aiding EPA head Michael Regan’s environmental justice agenda.