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Biden’s Carbon Cost Calculation Key Step in Climate Agenda

Bracewell’s Scott Segal told Law360 it is vital for the Biden administration to come up with an accurate figure for the social cost of carbon. He added that it does not help investment in clean energy or other areas for the figure to be a moving target subject to political whims.

Segal explained that if the social cost of carbon shoots up to the $125 mark, it could significantly affect the energy sector and refiners. That kind of potential “significant shock to the system” would need a lot of contemplation, he said.

“So, I don’t think it turns the world upside down, but I do think it would create economic harm that would need to be addressed before you adopted a methodology like that,” Segal said, adding the administration should come up with a defensible number and “stick to it.”

Click here to read more from Law360 (subscription required).