In February, J-PAL North America affiliate and co-chair of J-PAL’s Environment & Energy sector Michael Greenstone (University of Chicago and EPIC) testified on the social cost of carbon before the U.S. House Committee on Science, Space and Technology, Subcommittee on Environment, and Subcommittee on Oversight. The social cost of carbon is a measure that helps policymakers calculate the monetary costs and benefits of environmental regulations to more accurately assess the social impacts of federal policies.
In his February testimony, Greenstone noted, “Ultimately, society needs to balance the costs to our economy of mitigating climate change today with climate damages. Wishing that we did not face this tradeoff will not make it go away.” Greenstone co-led development of the social cost of carbon measure during his time as a chief economist for the White House Council of Economic Advisors. Last week the U.S. government withdrew use of the measure, which had been in effect since 2008. Read Greenstone’s testimony and the government decision, and check out randomized evaluations by J-PAL North America affiliates on effective energy conservation approaches.