[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1745 Introduced in Senate (IS)]
<DOC>
116th CONGRESS
1st Session
S. 1745
To establish a cost of greenhouse gases for carbon dioxide, methane,
and nitrous oxide to be used by Federal agencies, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 5, 2019
Mr. Bennet (for himself, Mr. Whitehouse, Mr. Van Hollen, Ms. Harris,
Mr. Cardin, Mrs. Feinstein, Mr. Merkley, Mr. Wyden, Ms. Smith, Mr.
Carper, Mrs. Gillibrand, Ms. Hirono, Ms. Klobuchar, Mr. Schatz, Mr.
Markey, Mr. Heinrich, and Ms. Cortez Masto) introduced the following
bill; which was read twice and referred to the Committee on Environment
and Public Works
_______________________________________________________________________
A BILL
To establish a cost of greenhouse gases for carbon dioxide, methane,
and nitrous oxide to be used by Federal agencies, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Carbon Pollution Transparency Act''.
SEC. 2. FINDINGS.
Congress finds that--
(1) sound economic and policy analyses require that the
economic benefits of reducing climate change be considered
together with the costs of policies and measures to reduce
greenhouse gas emissions;
(2) climate change, if not addressed, is projected to
inflict substantial damage on the economy and people of the
United States;
(3) according to the Congressional Budget Office, the
Government Accountability Office, and the Office of Management
and Budget, the impacts of climate change are--
(A) costing United States taxpayers billions of
dollars annually; and
(B) putting pressure on the Federal budget;
(4) the expenditures by the Federal Government resulting
from the effects of climate change are projected to increase,
and reducing greenhouse gas emissions presents an opportunity
to minimize those expenditures;
(5) between calendar years 2008 and 2015, the United States
reduced carbon pollution from the energy sector by nearly 10
percent, while the economy grew more than 10 percent;
(6) more than 1,200 companies are taking the cost of
climate change into consideration in business decisions;
(7) estimates of the costs of greenhouse gases provide a
method and measure, grounded in scientific and economic
research, for monetizing--
(A) the costs of greenhouse gas emissions; and
(B) the benefits of reducing greenhouse gas
emissions;
(8) the National Academies of Sciences, Engineering, and
Medicine has provided detailed recommendations for improving
the estimate of the costs of greenhouse gases for the purpose
of regulatory analysis;
(9) the reduction of greenhouse gas emissions by other
countries benefits the United States by reducing climate risks
to the United States, and the reduction of greenhouse gas
emissions by the United States benefits other countries;
(10) in light of the global nature of the problem of
greenhouse gas emissions, the interests of the United States
would be maximized if the United States were to use a
calculation method of the cost of climate pollution that
reflects global damages;
(11) due to the nature of climate change risks, the returns
on mitigation may pay off in periods that would otherwise
involve substantial losses;
(12) economic theory and evidence suggests that, for
actions with intergenerational consequences such as the
consequences of climate change, a discount rate approximately
equal to or less than the long-term yield on the debt of the
Treasury of the United States may be appropriate; and
(13) it is imperative that the academic community continue
research on the cost of greenhouse gases.
SEC. 3. DEFINITIONS.
In this Act:
(1) Calculation method.--The term ``calculation method''
means the method by which the costs of greenhouse gases are
calculated in accordance with subsections (a), (b), and (c) of
section 4, respectively.
(2) Committee.--The term ``Committee'' means the Costs of
Greenhouse Gases Scientific Review Committee established under
section 7(a).
(3) Costs of greenhouse gases.--
(A) In general.--The term ``costs of greenhouse
gases'' means the monetized present discounted values,
in dollars, of the current and future net costs to
society that result from--
(i) 1 ton of emissions of a specific
greenhouse gas in a specific year, including,
but not limited to, damage relating to--
(I) a change in net agricultural
productivity;
(II) energy use;
(III) human health;
(IV) property damage from increased
flood risk and sea level rise; and
(V) to the maximum extent
practicable, the value of the effect on
ecosystem services due to climate
change; and
(ii) the monetized present discounted
values of the current and future net benefits
to society from a 1-ton reduction of emissions
of a specific greenhouse gas in a specific
year, including a reduction in any damage
described in clause (i).
(B) Inclusions.--The term ``costs of greenhouse
gases'' includes--
(i) the cost of carbon dioxide;
(ii) the cost of methane;
(iii) the cost of nitrous oxide; and
(iv) the cost of any other greenhouse gas
estimated by the Working Group.
(4) Working group.--The term ``Working Group'' means the
Interagency Working Group on the Costs of Greenhouse Gases
established under section 5(a).
SEC. 4. COST OF CARBON DIOXIDE, COST OF METHANE, AND COST OF NITROUS
OXIDE.
(a) Cost of Carbon Dioxide.--In developing any rulemaking that
requires a regulatory impact analysis, making any substantial
procurement decision for which the cost of carbon dioxide is not
applied before the date on which a revised version of the costs of
greenhouse gases is finalized, the head of any Federal agency shall
consider and document the cost of carbon dioxide in accordance with the
amounts specified in the following table:
Cost of Carbon Dioxide, 2010 Through 2050 (in 2007 Dollars per Metric
Ton of Carbon Dioxide), Discount Rate and Statistic
------------------------------------------------------------------------
High Impact (95th
5 Percent 3 Percent 2.5 Percent Percentile at 3
Year Average Average Average Percent Discount
Rate)
------------------------------------------------------------------------
2010 $10 $31 $50 $86
------------------------------------------------------------------------
2011 $11 $32 $51 $90
------------------------------------------------------------------------
2012 $11 $33 $53 $93
------------------------------------------------------------------------
2013 $11 $34 $54 $97
------------------------------------------------------------------------
2014 $11 $35 $55 $101
------------------------------------------------------------------------
2015 $11 $36 $56 $105
------------------------------------------------------------------------
2016 $11 $38 $57 $108
------------------------------------------------------------------------
2017 $11 $39 $59 $112
------------------------------------------------------------------------
2018 $12 $40 $60 $116
------------------------------------------------------------------------
2019 $12 $41 $61 $120
------------------------------------------------------------------------
2020 $12 $42 $62 $123
------------------------------------------------------------------------
2021 $12 $42 $63 $126
------------------------------------------------------------------------
2022 $13 $43 $64 $129
------------------------------------------------------------------------
2023 $13 $44 $65 $132
------------------------------------------------------------------------
2024 $13 $45 $66 $135
------------------------------------------------------------------------
2025 $14 $46 $68 $138
------------------------------------------------------------------------
2026 $14 $47 $69 $141
------------------------------------------------------------------------
2027 $15 $48 $70 $143
------------------------------------------------------------------------
2028 $15 $49 $71 $146
------------------------------------------------------------------------
2029 $15 $49 $72 $149
------------------------------------------------------------------------
2030 $16 $50 $73 $152
------------------------------------------------------------------------
2031 $16 $51 $74 $155
------------------------------------------------------------------------
2032 $17 $52 $75 $158
------------------------------------------------------------------------
2033 $17 $53 $76 $161
------------------------------------------------------------------------
2034 $18 $54 $77 $164
------------------------------------------------------------------------
2035 $18 $55 $78 $168
------------------------------------------------------------------------
2036 $19 $56 $79 $171
------------------------------------------------------------------------
2037 $19 $57 $81 $174
------------------------------------------------------------------------
2038 $20 $58 $82 $177
------------------------------------------------------------------------
2039 $20 $59 $83 $180
------------------------------------------------------------------------
2040 $21 $60 $84 $183
------------------------------------------------------------------------
2041 $21 $61 $85 $186
------------------------------------------------------------------------
2042 $22 $61 $86 $189
------------------------------------------------------------------------
2043 $22 $62 $87 $192
------------------------------------------------------------------------
2044 $23 $63 $88 $194
------------------------------------------------------------------------
2045 $23 $64 $89 $197
------------------------------------------------------------------------
2046 $24 $65 $90 $200
------------------------------------------------------------------------
2047 $24 $66 $92 $203
------------------------------------------------------------------------
2048 $25 $67 $93 $206
------------------------------------------------------------------------
2049 $25 $68 $94 $209
------------------------------------------------------------------------
2050 $26 $69 $95 $212
------------------------------------------------------------------------
(b) Cost of Methane.--In developing any rulemaking that requires a
regulatory impact analysis, making any substantial procurement decision
for which the cost of methane is not applied before the date on which a
revised version of the costs of greenhouse gases is finalized, the head
of any Federal agency shall consider and document the cost of methane
in accordance with the amounts specified in the following table:
Cost of Methane, 2010 Through 2050 (in 2007 Dollars per Metric Ton of
Methane), Discount Rate and Statistic
------------------------------------------------------------------------
High Impact (95th
5 Percent 3 Percent 2.5 Percent Percentile at 3
Year Average Average Average Percent Discount
Rate)
------------------------------------------------------------------------
2010 $370 $870 $1,200 $2,400
------------------------------------------------------------------------
2011 $380 $910 $1,200 $2,500
------------------------------------------------------------------------
2012 $400 $940 $1,300 $2,600
------------------------------------------------------------------------
2013 $420 $970 $1,300 $2,700
------------------------------------------------------------------------
2014 $440 $1,000 $1,300 $2,700
------------------------------------------------------------------------
2015 $450 $1,000 $1,400 $2,800
------------------------------------------------------------------------
2016 $470 $1,100 $1,400 $2,900
------------------------------------------------------------------------
2017 $490 $1,100 $1,500 $3,000
------------------------------------------------------------------------
2018 $510 $1,100 $1,500 $3,000
------------------------------------------------------------------------
2019 $520 $1,200 $1,500 $3,100
------------------------------------------------------------------------
2020 $540 $1,200 $1,600 $3,200
------------------------------------------------------------------------
2021 $560 $1,200 $1,600 $3,300
------------------------------------------------------------------------
2022 $590 $1,300 $1,700 $3,400
------------------------------------------------------------------------
2023 $610 $1,300 $1,700 $3,500
------------------------------------------------------------------------
2024 $630 $1,400 $1,800 $3,600
------------------------------------------------------------------------
2025 $650 $1,400 $1,800 $3,700
------------------------------------------------------------------------
2026 $670 $1,400 $1,900 $3,800
------------------------------------------------------------------------
2027 $700 $1,500 $1,900 $3,900
------------------------------------------------------------------------
2028 $720 $1,500 $2,000 $4,000
------------------------------------------------------------------------
2029 $740 $1,600 $2,000 $4,100
------------------------------------------------------------------------
2030 $760 $1,600 $2,000 $4,200
------------------------------------------------------------------------
2031 $790 $1,600 $2,100 $4,300
------------------------------------------------------------------------
2032 $820 $1,700 $2,100 $4,500
------------------------------------------------------------------------
2033 $850 $1,700 $2,200 $4,600
------------------------------------------------------------------------
2034 $880 $1,800 $2,200 $4,700
------------------------------------------------------------------------
2035 $900 $1,800 $2,300 $4,900
------------------------------------------------------------------------
2036 $930 $1,900 $2,400 $5,000
------------------------------------------------------------------------
2037 $960 $1,900 $2,400 $5,100
------------------------------------------------------------------------
2038 $990 $2,000 $2,500 $5,200
------------------------------------------------------------------------
2039 $1,000 $2,000 $2,500 $5,400
------------------------------------------------------------------------
2040 $1,000 $2,000 $2,600 $5,500
------------------------------------------------------------------------
2041 $1,100 $2,100 $2,600 $5,600
------------------------------------------------------------------------
2042 $1,100 $2,100 $2,700 $5,700
------------------------------------------------------------------------
2043 $1,100 $2,200 $2,700 $5,800
------------------------------------------------------------------------
2044 $1,200 $2,200 $2,800 $5,900
------------------------------------------------------------------------
2045 $1,200 $2,300 $2,800 $6,100
------------------------------------------------------------------------
2046 $1,200 $2,300 $2,900 $6,200
------------------------------------------------------------------------
2047 $1,300 $2,400 $2,900 $6,300
------------------------------------------------------------------------
2048 $1,300 $2,400 $3,000 $6,400
------------------------------------------------------------------------
2049 $1,300 $2,500 $3,000 $6,500
------------------------------------------------------------------------
2050 $1,300 $2,500 $3,100 $6,700
------------------------------------------------------------------------
(c) Cost of Nitrous Oxide.--In developing any rulemaking that
requires a regulatory impact analysis, making any substantial
procurement decision for which the cost of nitrous oxide is not applied
before the date on which a revised version of the costs of greenhouse
gases is finalized, the head of any Federal agency shall consider and
document the cost of nitrous oxide in accordance with the amounts
specified in the following table:
Cost of Nitrous Oxide, 2010 Through 2050 (in 2007 Dollars per Metric Ton
of Nitrous Oxide), Discount Rate and Statistic
------------------------------------------------------------------------
High Impact (95th
5 Percent 3 Percent 2.5 Percent Percentile at 3
Year Average Average Average Percent Discount
Rate)
------------------------------------------------------------------------
2010 $3,400 $12,000 $18,000 $31,000
------------------------------------------------------------------------
2011 $3,500 $12,000 $18,000 $32,000
------------------------------------------------------------------------
2012 $3,700 $12,000 $19,000 $33,000
------------------------------------------------------------------------
2013 $3,800 $13,000 $19,000 $34,000
------------------------------------------------------------------------
2014 $3,900 $13,000 $20,000 $34,000
------------------------------------------------------------------------
2015 $4,000 $13,000 $20,000 $35,000
------------------------------------------------------------------------
2016 $4,200 $14,000 $20,000 $36,000
------------------------------------------------------------------------
2017 $4,300 $14,000 $21,000 $37,000
------------------------------------------------------------------------
2018 $4,400 $14,000 $21,000 $38,000
------------------------------------------------------------------------
2019 $4,600 $15,000 $22,000 $38,000
------------------------------------------------------------------------
2020 $4,700 $15,000 $22,000 $39,000
------------------------------------------------------------------------
2021 $4,900 $15,000 $23,000 $40,000
------------------------------------------------------------------------
2022 $5,000 $16,000 $23,000 $41,000
------------------------------------------------------------------------
2023 $5,200 $16,000 $23,000 $42,000
------------------------------------------------------------------------
2024 $5,400 $16,000 $24,000 $43,000
------------------------------------------------------------------------
2025 $5,500 $17,000 $24,000 $44,000
------------------------------------------------------------------------
2026 $5,700 $17,000 $25,000 $45,000
------------------------------------------------------------------------
2027 $5,900 $17,000 $25,000 $46,000
------------------------------------------------------------------------
2028 $6,000 $18,000 $26,000 $47,000
------------------------------------------------------------------------
2029 $6,200 $18,000 $26,000 $48,000
------------------------------------------------------------------------
2030 $6,300 $19,000 $27,000 $49,000
------------------------------------------------------------------------
2031 $6,500 $19,000 $27,000 $50,000
------------------------------------------------------------------------
2032 $6,800 $19,000 $28,000 $51,000
------------------------------------------------------------------------
2033 $7,000 $20,000 $28,000 $52,000
------------------------------------------------------------------------
2034 $7,200 $20,000 $29,000 $54,000
------------------------------------------------------------------------
2035 $7,400 $21,000 $29,000 $55,000
------------------------------------------------------------------------
2036 $7,600 $21,000 $30,000 $56,000
------------------------------------------------------------------------
2037 $7,800 $21,000 $30,000 $57,000
------------------------------------------------------------------------
2038 $8,000 $22,000 $31,000 $58,000
------------------------------------------------------------------------
2039 $8,200 $22,000 $31,000 $59,000
------------------------------------------------------------------------
2040 $8,400 $23,000 $32,000 $60,000
------------------------------------------------------------------------
2041 $8,600 $23,000 $32,000 $61,000
------------------------------------------------------------------------
2042 $8,800 $23,000 $33,000 $62,000
------------------------------------------------------------------------
2043 $9,100 $24,000 $33,000 $64,000
------------------------------------------------------------------------
2044 $9,300 $24,000 $34,000 $65,000
------------------------------------------------------------------------
2045 $9,500 $25,000 $34,000 $66,000
------------------------------------------------------------------------
2046 $9,800 $25,000 $35,000 $67,000
------------------------------------------------------------------------
2047 $10,000 $26,000 $35,000 $68,000
------------------------------------------------------------------------
2048 $10,000 $26,000 $36,000 $69,000
------------------------------------------------------------------------
2049 $10,000 $26,000 $36,000 $71,000
------------------------------------------------------------------------
2050 $11,000 $27,000 $37,000 $72,000
------------------------------------------------------------------------
(d) Adjustment for Inflation.--The head of a Federal agency may
adjust the costs described in the tables contained in subsections (a)
through (c) for inflation.
SEC. 5. INTERAGENCY WORKING GROUP ON THE COSTS OF GREENHOUSE GASES.
(a) Establishment.--The Director of the Office of Management and
Budget, the Director of the Office of Science and Technology Policy,
and the Chair of the Council of Economic Advisers shall establish an
interagency working group, to be known as the ``Interagency Working
Group on the Costs of Greenhouse Gases'' to carry out the calculation
method revision evaluation described in section 6.
(b) Membership.--The Working Group shall consist of members from--
(1) the Council of Economic Advisers;
(2) the Office of Science and Technology Policy;
(3) the National Security Council;
(4) the National Economic Council;
(5) the Council on Environmental Quality;
(6) the Department of Agriculture;
(7) the Department of Commerce;
(8) the Department of Energy;
(9) the Department of the Interior;
(10) the Department of Transportation;
(11) the Department of the Treasury;
(12) the Department of Health and Human Services;
(13) the Environmental Protection Agency;
(14) the National Oceanic and Atmospheric Administration;
(15) the Federal Energy Regulatory Commission;
(16) the United States Global Change Research Program; and
(17) the Corps of Engineers.
SEC. 6. CALCULATION METHOD REVISION.
(a) Revision Evaluation.--
(1) In general.--Not later than 5 years after the date of
enactment of this Act, and not less frequently than once every
5 years thereafter, the Working Group shall carry out a
revision evaluation for the cost of carbon dioxide, cost of
methane, and cost of nitrous oxide to determine whether a
revision of the calculation method of the cost of carbon
dioxide, cost of methane, or cost of nitrous oxide is
necessary.
(2) Considerations.--In carrying out a revision evaluation
under paragraph (1) or a revision under subsection (b), the
Working Group shall--
(A) consider--
(i) the findings of the National Academies
of Sciences, Engineering, and Medicine relating
to approaches to estimating the costs of
greenhouse gases;
(ii) the findings of the Committee under
section 7(a)(3);
(iii) advancements in scientific and
economic research relating to the impacts of
climate change and the estimation of the costs
of greenhouse gases;
(iv) new domestic and international
findings;
(v) the qualitative costs to society as a
result of the categories of damage described in
section 3(3)(A) that cannot be monetized and
the impact on environmental justice
communities; and
(vi) all harm caused by greenhouse gas
emissions;
(B) assess any proposed revision of the calculation
method with respect to--
(i) consistency with the state of
scientific knowledge, as reflected by current,
peer-reviewed literature; and
(ii) the adequacy with which the proposed
calculation method identifies and represents
key uncertainties and sensitivities;
(C) evaluate the harm caused by greenhouse gas
emissions for the period beginning on the date on which
the applicable revision evaluation commences and ending
on a date in the future that would allow estimation of
the vast majority of discounted climate damages;
(D) apply 1 or more discount rates, which shall--
(i) account for the intergenerational
nature of the harm caused by climate change;
and
(ii) be consistent with the interest rate
of consumption used by Federal agencies to
reflect climate risk;
(E) include values that account for global damages
from greenhouse gas emissions;
(F) document the calculation method and present
results in a manner adequate for the scientific
community to understand and assess the calculation
method; and
(G) make available to researchers the model code
for review, use, and modification.
(b) Revision.--
(1) Calculation method.--If the Working Group makes a
determination under subsection (a)(1) that revision of the
calculation method is necessary, the Working Group shall draft
a proposed revision of the calculation method.
(2) Public notification and comment period.--Any proposed
revision of the calculation method shall be published in the
Federal Register for a period of public comment of not fewer
than 90 days and include consultation with industry groups.
(3) Effect of revisions by working group.--Any revised
calculation method of the cost of carbon dioxide, the cost of
methane, or the cost of nitrous oxide developed by the Working
Group under paragraph (1) and published under paragraph (2)
shall supersede the applicable discount rate value of the cost
of carbon dioxide, the cost of methane, or the cost of nitrous
oxide under section 4.
SEC. 7. COSTS OF GREENHOUSE GASES SCIENTIFIC REVIEW COMMITTEE.
(a) Establishment.--
(1) In general.--Not later than January 1, 2021, and not
less frequently than once every 5 years thereafter, the
Director of the Office of Management and Budget, in
consultation with the Director of the Office of Science and
Technology Policy and the Chair of the Council of Economic
Advisers, shall establish a committee, to be known as the
``Costs of Greenhouse Gases Scientific Review Committee''.
(2) Membership.--The membership of the Committee shall
consist of not fewer than 10 members, selected by the
presidents of the National Academies of Sciences, Engineering,
and Medicine, who shall represent scientific fields relevant to
the estimation of the costs of greenhouse gases, including--
(A) climate science;
(B) climate economics; and
(C) decision analysis.
(3) Duties.--The Committee shall publish a report in which
the Committee shall--
(A) make a recommendation to the Working Group
regarding whether a revision of the calculation method
is necessary;
(B) if the Committee determines that a revision is
necessary, recommend scientific data and models to be
used by the Working Group in the revision of the
calculation method;
(C) provide scientific advice to the Working Group
on the revision; and
(D) provide guidance to the U.S. Global Change
Research Program with respect to the research necessary
to advance the estimation of the costs of greenhouse
gases.
(b) Termination.--On the completion of the revision evaluation for
which the Committee is established, the Committee shall terminate.
(c) Authorization of Appropriations.--There are authorized to be
appropriated such sums as are necessary to administer the Committee.
<all>
Carbon Pollution Transparency Act
#1745 | S Congress #116
Policy Area: Environmental Protection
Subjects: Administrative law and regulatory proceduresAdvisory bodiesAir qualityClimate change and greenhouse gasesEnvironmental assessment, monitoring, researchEnvironmental regulatory proceduresExecutive agency funding and structureGovernment information and archivesGovernment studies and investigationsPublic contracts and procurement
Last Action: Read twice and referred to the Committee on Environment and Public Works. (6/5/2019)
Bill Text Source: Congress.gov
Summary and Impacts
Original Text