The social cost of carbon regulations
“If you could pick just one thing to reduce poverty, by far you would pick energy,” Bill Gates has said. “Access to energy is absolutely fundamental in the struggle against poverty,” World Bank VP Rachel Kyte and Nobel Prize Laureate Dr. Amartya Sen agree.
The UN Development Program also calls energy “central to poverty reduction.” And International Energy Agency Executive Director Dr. Fatih Birol notes that “coal is raising living standards and lifting hundreds of millions of people out of poverty.” In fact, all fossil fuels are doing so.
Indeed, fossil fuels created the modern world and the housing, transportation, other technologies and living standards so many of us take for granted. They are essential for electricity and life, and over the past 250 years they more than doubled average life expectancy in countries that took advantage of them.
But the Obama Administration and radical environmentalists despise fossil fuels and used every tactic they could devise to eliminate them. One of their most important schemes was the “social cost of carbon.”
Federal agencies used the SCC to calculate the “hidden costs” of carbon dioxide emissions associated with fossil fuel use, by assigning a dollar value to every ton of CO2 emitted by power plants, factories, homes, vehicles and other sources. However, the entire process was little more than junk science and Garbage In-Garbage Out forecasting.
First, each ton of U.S. emissions averted would initially have prevented a hypothetical $25/ton in global societal costs allegedly resulting from dangerous manmade climate change: less coastal flooding and tropical disease, fewer droughts and extreme weather events, for example. But within three years regulators arbitrarily increased the SCC to around $40/ton.
That made it easier to justify the Clean Power Plan, Paris climate agreement, and countless Obama Era actions on electricity generation, fracking, methane, pipelines, vehicle mileage and appliance efficiency standards, livestock operations, carbon taxes, and wind, solar and biofuel mandates and subsidies.
Second, the supposed bedrock for the concept is the now rapidly shifting sands of climate chaos theory. New questions are arising almost daily about data quality and manipulation, the degree to which carbon dioxide affects global temperatures, the complex interplay of solar, cosmic ray, oceanic and other natural forces, and the inability of computer models to predict temperatures, sea level rise or hurricanes.
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