Upon taking office, President Joe Biden convened a task force to assess the social cost of greenhouse gases, as part of his comprehensive climate change agenda. At the end of February, the task force published an interim report estimating the cost of carbon at approximately $52 per ton.
This figure is aligned with the Obama administration's estimates, but is a significant increase from the negligible cost of carbon tagged by the Trump administration.
Originally published in Law360 - March 17, 2021.
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