Climate change is happening and it’s costing a lot of money to deal with. More floods, tornados, hurricanes, and other natural events are happening with greater frequency thanks to planetary temperature increase. The reason the planet’s temperature is increasing is thanks to the way previous generations have dealt with waste.
One such waste product comes in the form of exhaust from cars and other air pollution from various sources. This much is obvious, but very few countries have acted on this issue (in fact, Canada has gone out it’s way to stop action). In the USA, the Obama administration has quietly passed a new law that raises the cost of releasing pollutants into the air in the hopes it will help slow more climate change.
Buried in a little-noticed rule on microwave ovens is a change in the U.S. government’s accounting for carbon emissions that could have wide-ranging implications for everything from power plants to the Keystone XL pipeline.
The increase of the so-called social cost of carbon, to $38 a metric ton in 2015 from $23.80, adjusts the calculation the government uses to weigh costs and benefits of proposed regulations. The figure is meant to approximate losses from global warming such as flood damage and diminished crops.