On February 26, the Biden administration released interim estimates
of the Social Cost of Greenhouse Gases (SC-GHG), meeting a major deliverable in one of President Joe Biden’s “day one” environmental actions. Executive Order (EO) 13990
, “Protecting Public Health and the Environmental and Restoring Science to Tackle the Climate Crisis,” reestablished an Interagency Working Group (IWG) on the SC-GHG and directed a review of the SC-GHG and release of interim estimates within 30 days. The SC-GHG has been an instrumental metric used in regulatory benefit-cost analysis for more than a decade. The estimate projects the cost of damages from a ton of GHGs emitted, which provides a benchmark for assessing the economic benefits of regulatory and other actions aimed at curbing emissions and, ultimately, advancing U.S. targets under the Paris Agreement once they are set.