This new report from the Board on Environmental Change and Society informs future revisions to the social cost of carbon dioxide (SC-CO2) estimates used in federal regulatory impact analyses. The report examines potential merits of a range of alternative approaches to updating the SC-CO2 estimates, with the goal of ensuring that the estimates continue to reflect the best available science. The report also highlights research priorities for going forward. The study was requested by the Interagency Working Group on the Social Cost of Greenhouse Gases, co-chaired by the Council of Economic Advisors and the Office of Management and Budget.
This is the Phase 2 report. The Phase 1 report examined the advantages and challenges of potential approaches to a near-term narrow update to the SC-CO2 (Phase 1 report available here).