AT WHAT COST? EXAMINING THE SOCIAL COST OF CARBON

“Conclusion

The social cost of carbon as determined by the Interagency Working Group in their August 2016 Technical Support Document (updated from IGW reports from February 2010, November 2013, and July 2015) is unsupported by the robust scientific literature, fraught with uncertainty, illogical, and thus completely unsuitable and inappropriate for federal rulemaking. Had the IWG included a better-reasoned and more inclusive review of the current scientific literature, the social cost of carbon estimates would have been considerably reduced with a value likely approaching zero. Such a low social cost of carbon would obviate the arguments behind the push for federal greenhouse gas regulations.”

Watts Up With That?

WRITTEN STATEMENT OF PATRICK J. MICHAELS DIRECTOR CENTER FOR THE STUDY OF SCIENCE

CATO INSTITUTE WASHINGTON, DC HEARING ON

AT WHAT COST? EXAMINING THE SOCIAL COST OF CARBON

BEFORE THE U.S. HOUSE OF REPRESENTATIVES Committee on Science, Space, and Technology

SUBCOMMITTEE on Environment, SUBCOMMITTEE ON OVERSIGHT

FEBRUARY 28, 2017

My testimony concerns the selective science that underlies the existing federal determination of the Social Cost of Carbon and how a more inclusive and considered process would have resulted in a lower value for the social cost of carbon.

Back in 2015, the federal government’s Interagency Working Group (IWG) on the Social Cost of Carbon released a report that was a response to public comments of the IWG’s determination of the social cost of carbon that were solicited by the Office of Management and Budget in November 2013. Of the 140 unique sets of substantive comments received (including a set of my own), the IWG adopted none. And apart…

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