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A distinguished group of scholars from a diverse group of organizations has produced a new report stating when considering domestic action to reduce the impacts of climate change, U.S. agencies should limit their estimates to the domestic benefits, not benefits to the world. The Obama administration does just the opposite, using global estimates of “social cost of carbon” (SCC) and the social value of reduced climate damages from regulations that reduce greenhouse gas (GHG) emissions. The scholars point out,
Use of a global SCC as the sole summary measure of the value of reducing GHG emissions through federal rulemaking lacks transparency and leaves such actions at odds with the expressed intent of authorizing statutes passed by Congress and long-standing federal regulatory policy. [F]ederal agencies – operating under laws directing them to protect national interests – are now issuing regulations with significant costs to U.S. residents and citizens based on a finding that benefits, including substantial benefits to foreigners, “justify” those costs.
The difference between global and domestic benefits is huge, with global SCC four to 14 times greater than estimated domestic SCC. By using the global SCC, federal agencies are hiding the fact climate regulations impose substantial costs on Americans to produce benefits for residents of foreign countries.