[Federal Register Volume 78, Number 228 (Tuesday, November 26, 2013)]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-28242]
OFFICE OF MANAGEMENT AND BUDGET
Technical Support Document: Technical Update of the Social Cost
of Carbon for Regulatory Impact Analysis Under Executive Order No.
AGENCY: Office of Management and Budget, Executive Office of the
ACTION: Notice of availability and request for comments.
SUMMARY: The Office of Management and Budget (OMB) requests comments on
the Technical Support Document entitled Technical Update of the Social
Cost of Carbon for Regulatory Impact Analysis Under Executive Order
12866, available at: http://www.whitehouse.gov/sites/default/files/omb/assets/inforeg/technical-update-social-cost-of-carbon-for-regulator-impact-analysis.pdf. The Social Cost of Carbon (SCC) is used to
estimate the value to society of marginal reductions in carbon
emissions. This Technical Support Document explains the derivation of
the SCC estimates using three peer reviewed integrated assessment
models and provides updated values of the SCC that reflect minor
technical corrections to the estimates released in May of this year.
OMB requests that comments be submitted electronically to OMB by
January 27, 2014 through www.regulations.gov.
DATES: To ensure consideration, comments must be in writing and
received by January 27, 2014.
ADDRESSES: Submit comments by one of the following methods:
www.regulations.gov: Direct comments to Docket ID OMB-OMB-
Fax: (202) 395-7285.
Mail: Office of Information and Regulatory Affairs, Office
of Management and Budget, Attn: Mabel Echols, NEOB, Room 10202, 725
17th Street NW., Washington, DC 20503. To ensure that your comments are
received, we recommend that comments be electronically submitted.
All comments and recommendations submitted in response to this
notice will be made available to the public. For this reason, please do
not include in your comments information of a confidential nature, such
as sensitive personal information or proprietary information. The
www.regulations.gov Web site is an ``anonymous access'' system, which
means OMB will not know your identity or contact information unless you
provide it in the body of your comment.
For further information, contact: Mabel Echols, Office of
Information and Regulatory Affairs, Office of Management and Budget,
NEOB, Room 10202, 725 17th Street NW., Washington, DC 20503. Telephone:
SUPPLEMENTARY INFORMATION: Rigorous evaluation of costs and benefits is
a core tenet of the rulemaking process. It is particularly important in
the area of climate change. The current estimate of the social cost of
CO2 emissions (SCC) has been developed over many years,
using the best science available, and with input from the public.
In February 2010, after considering public comments on interim
values that agencies used in a number of rules, an interagency group of
technical experts, coordinated by OMB and the Council of Economic
Advisers (CEA), released improved SCC estimates. The interagency group
estimated the improved SCC values using the most widely cited climate
economic impact models. Those climate impact models, known as
integrated assessment models, were developed by outside experts and
published in the peer-reviewed literature. Recognizing that the models
underlying the SCC estimates would evolve and improve over time as
scientific and economic understanding increased, the Administration
committed in 2010 to regular updates of these estimates.
In May of this year, after all three of the underlying models were
updated and used in peer-reviewed literature, and agencies received
public comments urging them to update their estimates, the interagency
group released revised SCC values. The May 2013 estimates reflect
values that are similar to those used by other governments,
international institutions, and major corporations. Those estimates
have been available for public comment in several proposed rulemakings
since May, and agencies have already received comments that are under
The revised Technical Support Document that was issued in November,
2013 is based on the best available scientific information on the
impacts of climate change. We will continue to refine the SCC estimates
to ensure that agencies are appropriately measuring the social cost of
carbon emissions as they evaluate the costs and benefits of rules.
Request for Comment: OMB requests comments on all aspects of the
TSD (http://www.whitehouse.gov/sites/default/files/omb/inforeg/for-agencies/Social-Cost-of-Carbon-for-RIA.pdf) and its use of integrated
assessment models (IAMs) to estimate SCC values to support agency
regulatory impact analyses. We are particularly interested in comments
on the following topics:
The selection of the three IAMs for use in the analysis
and the synthesis of the resulting SCC estimates, as outlined in the
2010 TSD the model inputs used to develop the SCC estimates, including
economic growth, emissions trajectories, climate sensitivity and
how the distribution of SCC estimates should be
represented in regulatory impact analyses; and
the strengths and limitations of the overall approach (see
also the February, 2010 TSD available at http://www.whitehouse.gov/sites/default/files/omb/inforeg/for-agencies/Social-Cost-of-Carbon-for-RIA.pdf).
OMB is not requesting comments on the three peer reviewed IAMs
themselves; rather we are requesting comments on their use in
developing the SCC estimates.
Administrator, Office of Information and Regulatory Affairs.
[FR Doc. 2013-28242 Filed 11-25-13; 8:45 am]
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