October 5, 2017
Bennet Leads Effort to Standardize the Cost of Climate Pollution
Washington, D.C. - Colorado U.S. Senator Michael Bennet today led 11 colleagues in introducing the Pollution Transparency Act to standardize the metric used by federal agencies to measure the cost of climate pollution. This counters a directive from the Trump administration to agencies to ignore existing metrics-uprooting years of progress and economic certainty-and an attempt made yesterday by Interior Secretary Ryan Zinke in the revised BLM methane rule to change his department's metric without any prior consultation or transparency.
Cosponsors of the Pollution Transparency Act include Senators Dianne Feinstein (D-CA), Kamala Harris (D-CA), Ron Wyden (D-OR), Sheldon Whitehouse (D-RI), Maggie Hassan (D-NH), Ben Cardin (D-MD), Jeff Merkley (D-OR), Patty Murray (D-WA), Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), and Martin Heinrich (D-NM).
"We cannot stand by idly as the Trump administration blatantly disregards broad scientific consensus and economics," Bennet said. "This irresponsible ploy to upend years of progress is playing fast and loose with the health of our nation's children. Although we cannot avoid all of the effects of climate change, we can create market certainty about how much those effects harm our children and our economy. This legislation would ensure the federal government runs a transparent process-grounded in science, with public and industry input-to quantify those effects."
A companion bill was introduced in the U.S. House of Representatives by Congressman Donald McEachin (D-VA-4).
"The next generation will have a better opportunity for a healthy economic and environmental future with the implementation of this bill," McEachin said. "There are clear and undeniable costs of climate change and greenhouse gas emissions in our economy: the cost of poor air quality in our neighborhoods, the loss of a day's work when taking an asthmatic child to the doctor, droughts, hurricanes, wildfires, and sea-level rise - we have had enough. We need to ensure that the federal government is accurate and consistent in calculating the price of greenhouse gases when issuing regulatory and substantial procurement decisions. We can best address the root-cause of climate change by taking an intellectually honest and evidence-based approach to quantify its impact. This method will allow us to build a more resilient infrastructure and leave a better Earth for our children and our children's children."
Background on the Pollution Transparency Act:
Since the George W. Bush administration, the federal government has been required to consider the economic damages that result from climate pollution in the rulemaking process. This metric was developed through a rigorous process, using the best available economics and science and revised when necessary. In March, the Trump administration directed federal agencies to ignore the existing metric and instead select their own metrics-uprooting years of progress and economic certainty.
The Pollution Transparency Act would codify a scientifically-developed value for the cost of climate pollution across all federal agencies. The requirement to consider this cost already exists; this legislation would simply streamline the regulatory process by standardizing the metric and re-establishing a process to revise it through a public process. Ultimately, it would create greater market and regulatory certainty by ensuring federal decisions are transparent, standardized, and grounded in facts.
Statements in support of the legislation:
"Quantifying the true cost of GHGs helps tell the full story so that we can make more informed policy decisions. This bill move us in an appropriate direction so that we can better review how GHGs impact Colorado communities." - Larry Wolk, Director of the Colorado Department of Public Health and the Environment
"I applaud Senator Bennet's leadership in bringing forward the Pollution Transparency Act to ensure full and accurate consideration of the cost of carbon pollution in decision-making. Ignoring proven science and clear economic risk will not make climate change disappear. Only consistent and transparent accounting for the impacts of climate change can prevent waste of taxpayer funds on subsidies for shaky infrastructure and obsolete technologies." - Mary D. Nichols, Chair of the California Air Resources Board (Full letter of support can be found HERE)
"The social cost of carbon is a linchpin of national climate policy, providing a guidepost to balance the costs of climate change to our economy today with the damages that have started to arrive and are projected to grow. This bill ensures that this critical guidepost continues to be robust and grounded in the latest available science and economics, while providing certainty to businesses eager to have a consistent regulatory process." - Michael Greenstone, Milton Friedman Professor in Economics, the College and the Harris School and Director of the Energy Policy Institute at the University of Chicago
"It is critically important for policymakers to account for the economic costs of greenhouse gas emissions in their policy decisions. These costs should be quantified using the best available science and economics, in order to inform decisions that affect public wellbeing." - Richard Revesz, Lawrence King Professor of Law and Dean Emeritus and Director of the Institute of Policy Integrity at NYU School of Law
"Proper evaluation of the benefits and costs of regulations that affect emissions of greenhouse gases requires that the federal government use the best available estimate of the damages that such emissions cause. This bill would guarantee that this happens. It is consistent with a recent report issued by the National Academies of Sciences, Engineering and Medicine. We, the undersigned, strongly support the Pollution Transparency Act."
- Maureen L. Cropper, Distinguished University Professor of Economics, University of Maryland
- Robert Litterman, Former Head of Risk Management, Goldman Sachs
- William Pizer, Susan B. King Professor, Sanford School of Public Policy, Duke University
- Richard Schmalensee, Professor of Management and Economics, Emeritus, MIT, Member of the Council of Economic Advisers from 1989-1991
- Glen Hubbard, Dean of Columbia School of Business, Chairman of the Council of Economic Advisors under President George W. Bush