The Biden Administration has raised the “social cost of carbon” used in decision-making by federal agencies to $51/ton—seven times the level during the previous administration. This could be increased later to as much as $128/ton. The use of a higher value for the social cost of carbon could result in FERC and other federal agencies rejecting requests to approve new projects that otherwise would have passed muster, and result in far more extensive carbon mitigation requirements being imposed even when projects are approved.

Larry Fink’s 2021 letter to CEOs

Dear CEO, BlackRock is a fiduciary to our clients, helping them invest for long-term goals. Most of the money we manage is for retirement – for individuals and pension beneficiaries like teachers, firefighters, doctors, businesspeople, and many others. It is their...

“The Biden Administration has raised the “social cost of carbon” used in decision-making by federal agencies to $51/ton—seven times the level during the previous administration. This could be increased later to as much as $128/ton. The use of a higher value for the social cost of carbon could result in FERC and other federal agencies rejecting requests to approve new projects that otherwise would have passed muster, and result in far more extensive carbon mitigation requirements being imposed even when projects are approved.”

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