[Federal Register Volume 86, Number 87 (Friday, May 7, 2021)]
[Notices]
[Pages 24669-24670]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09679]
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OFFICE OF MANAGEMENT AND BUDGET
Notice of Availability and Request for Comment on ``Technical
Support Document: Social Cost of Carbon, Methane, and Nitrous Oxide
Interim Estimates Under Executive Order 13990''
AGENCY: Office of Management and Budget, Executive Office of the
President.
ACTION: Notice of availability and request for comments.
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SUMMARY: The Office of Management and Budget (OMB), on behalf of the
co-chairs of the Interagency Working Group on the Social Cost of
Greenhouse Gases, including the Council of Economic Advisors (CEA) and
the Office of Science and Technology Policy (OSTP), request comments on
``Technical Support Document: Social Cost of Carbon, Methane, and
Nitrous Oxide Interim Estimates under Executive Order 13990,'' released
on February 26, 2021, available at: https://www.whitehouse.gov/wp-content/uploads/2021/02/TechnicalSupportDocument_SocialCostofCarbonMethaneNitrousOxide.pdf. The
estimates of the social cost of carbon (SC-CO2), social cost
of methane (SC-CH4), and social cost of nitrous oxide (SC-
N2O), collectively called the Social Cost of Greenhouse
Gases (SC-GHG), are used to estimate the value to society of marginal
reductions in greenhouse gas emissions, or conversely, the social costs
of increasing such emissions, in the policy making process.
DATES: To ensure consideration, comments must be in writing and
received by June 21, 2021.
ADDRESSES: Submit comments by one of the following methods:
Federal eRulemaking Portal: http://www.regulations.gov (our
preferred method). Follow the online instructions for submitting
comments.
Please note that we cannot provide an option for written or faxed
comments at this time due to COVID-19 protocols. Please submit comments
electronically.
All comments and recommendations submitted in response to this
notice will be made available to the public. For this reason, please do
not include in your comments information of a confidential nature, such
as sensitive personal information or proprietary information. The
www.regulations.gov website is an ``anonymous access'' system, which
means OMB will not know your identity or contact information unless you
provide it in the body of your comment.
FOR FURTHER INFORMATION CONTACT: For further information, contact:
Italy Martin, Office of Information and Regulatory Affairs, Office of
Management and Budget, Email:
[email protected], Telephone: (202) 395-
1046.
SUPPLEMENTARY INFORMATION: Federal agencies began regularly
incorporating SC-CO2 estimates in benefit-cost analyses
conducted under Executive Order (E.O.) 12866 in 2008, following a court
ruling in which an agency was ordered to consider the value of reducing
carbon dioxide emissions in a rulemaking process. In 2009, an original
interagency working group (IWG) was established to ensure that agencies
were using the best available science and to promote consistency in the
estimated values. The IWG published SC-CO2 estimates in
2010. These estimates were updated in 2013. In August 2016, the IWG
published a technical support document (TSD) providing SC-
CH4 and SC-N2O estimates using methodologies that
are consistent with the methodology underlying the SC-CO2
estimates.
The Technical Support Document (interim TSD) released on February
26, 2021, provides an interim update of SC-GHG estimates, which are
reported in 2020 dollars, but otherwise use identical methods and
inputs to those presented in the 2016 version of the TSD and its
Addendum, including the same three peer-reviewed integrated assessment
models. In addition, the interim TSD discusses scientific and economic
advances that have been made since the time of the last updates to the
IWG SC-GHG estimates. This notice requests public comment on the
interim TSD as well as on how best to incorporate the latest peer-
reviewed science and economics literature in order to develop an
updated set of SC-GHG estimates. CEA, OMB, and OSTP request that
comments be submitted electronically to OMB by [45 days after
publication in the Federal Register] through www.regulations.gov.
Outline of Notice
1. Background
2. Issues for Comment
1. Background
A robust and scientifically founded assessment of the positive and
negative impacts that an action can be expected to have on society is a
core tenet of the policy-making process. This is particularly important
in the area of climate change. In order to meet this charge, the
Executive Branch has developed a set of estimates that represent the
monetized impact to society associated with an incremental change in
greenhouse gas emissions. These estimates have been developed over the
course of many years, using the best science and economics available,
and with input from the public.
The latest iteration of this longstanding policy was launched by
the re-constituted Interagency Working Group on the Social Cost of
Greenhouse Gases, which was re-established by Executive Oder (E.O.)
13990. The re-constituted IWG is committed to ensuring that the
estimates agencies consider when monetizing the value of changes in
greenhouse gas emissions resulting from regulations and other relevant
agency actions continue to reflect the best available science and
methodologies. In order to meet this charge, the IWG issued an interim
Technical Support Document on February 26, 2021. It presents interim
estimates of the social cost of carbon, methane, and nitrous oxide, as
directed
[[Page 24670]]
by E.O. 13990. In addition, the Executive Order tasked the IWG with the
following:
(1) Publishing a final update to the SC-GHG estimates no later than
January 2022;
(2) providing recommendations by Sept 1, 2021, regarding areas of
decision-making, budgeting, and procurement by the Federal Government
where the SC-GHG estimates should be applied;
(3) providing recommendations by June 1, 2022, regarding a process
for reviewing and, as appropriate, updating the SC-GHG estimates to
ensure that these estimates are based on the best available economics
and science;
(4) providing recommendations, to be published with the January
2022 SC-GHG estimates if feasible, to revise methodologies for SC-GHG
calculations to the extent that current methodologies do not adequately
take account of climate risk, environmental justice, and
intergenerational equity; and
(5) considering the recommendations of the National Academies of
Sciences, Engineering, and Medicine (NASEM) as reported in Valuing
Climate Damages: Updating Estimation of the Social Cost of Carbon
Dioxide (2017) and other pertinent scientific literature; engaging with
the public and stakeholders; seeking the advice of ethics experts, and
ensuring that the SC-GHG estimates reflect the interests of future
generations in avoiding threats posed by climate change.
2. Issues for Comment
The IWG is issuing this notice in order to facilitate early and
robust interaction with the public on this key aspect of this
Administration's climate policy.
Request for Comment: The Co-Chairs of the IWG request comments, and
any studies or other useful materials related to, the following:
The general advances in science and economics included in
this interim TSD, available at https://www.whitehouse.gov/wp-content/uploads/2021/02/TechnicalSupportDocument_SocialCostofCarbonMethaneNitrousOxide.pdf;
Approaches to implementing the recommendations of the
NASEM as reported in Valuing Climate Damages: Updating Estimation of
the Social Cost of Carbon Dioxide (2017), including recommendations for
how the IWG should prioritize and respond to these recommendations;
Other recent advances in science and economics, beyond
those presented in the interim TSD, that could be incorporated into the
pending update, including approaches to adequately take account of
climate risk, environmental justice, and intergenerational equity;
How best to reflect the latest scientific and economic
understanding of discount rates appropriate for intergenerational
analysis when using the interim SC-GHG estimates; and
Areas of decision-making, budgeting, and procurement by
the Federal Government where the SC-GHG estimates should be applied.
Dominic J. Mancini,
Deputy Administrator, Office of Information and Regulatory Affairs.
[FR Doc. 2021-09679 Filed 5-6-21; 8:45 am]
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