EPA quietly pushes expensive carbon tax
The EPA's proposal would have the cost per metric ton rising each decade
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The Environmental Protection Agency has proposed a significant increase in the social cost of carbon emissions.
Policymakers use the social cost of carbon to calculate economic damages associated with a rise in greenhouse gas emissions from burning fossil fuels.
FILE: Emissions rise from the BP Plc Whiting Refinery in Whiting, Indiana, on Sunday, Oct. 10, 2021. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
Federal agencies under the Biden administration have been using a value of $51 per metric ton of CO2 – which in itself was a steep climb from the Trump administration’s $1 per metric ton.
Now the EPA is proposing to go even higher, at $190 per metric ton. Among other effects, raising this cost is likely to raise the prices at the gaspump.
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The EPA floated the new metric before a proposal from the Interagency Working Group, which helps coordinate the federal government’s approach to calculating the metric.
In the September draft proposal, the agency concluded that the $190 per metric ton would necessarily climb to $410 in 2080 by the year 2080. It also included proposed methane regulations, pegging methane at $1,600 per ton.
Still, the proposal for a drastic increase likely won’t be implemented any time soon.
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The United Nations’ new climate chief, Simon Stiell, recently told The Associated Press that he would settle for a lack of new emissions-cutting action, given an energy crisis in Europe and progress made in helping climate victims.
The Associated Press contributed to this report.