In the NewsThe HillMarch 13, 2021
Biden eyes tougher approach to measuring impact of greenhouse gases
Michael Greenstone, who co-led the Obama administration’s social cost of carbon calculation, said that back then officials averaged out numbers from the three most heavily cited models.
But his advice to the Biden administration is to use new models instead of trying to update the Obama-era ones.
“Your natural inclination will be to try to update the existing models, but it’s kind of like trying to play a streaming service on a tape recorder,” said Greenstone, who is now a professor at the University of Chicago.
He stressed there have been advancements in economics and climate science that are likely to show the effects of climate change will be generally larger than previously thought.
“I think there’s pretty clear evidence that the impacts are going to be larger, and importantly, there’s an opportunity to take account of and value the uncertainty associated with climate change...and that’s also something that’s likely to lead to higher estimates.”