[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]
BILLING CODE 3110-01-P