Big business doesn't like the way the Obama administration tallies the costs of carbon pollution. The U.S. Chamber of Commerce, the American Petroleum Institute, America’s Natural Gas Alliance, and other industry groups are fighting the federal government's latest "social cost of carbon" calculations.
The social cost of carbon is an attempt to quantify the climate-related costs of fossil-fuel burning — costs associated with floods, falling farmland productivity, and climate-related illnesses. The social cost of carbon was raised by the Obama administration in May, from $23.80 per ton to $38.
The change would help justify federal policies that more aggressively rein in carbon pollution. And that’s not something that groups representing America’s biggest and dirtiest companies want.