The U.S. government announced the restoration of the social cost of carbon emissions set under Obama.

According to Bloomberg, the White House announced on February 26 local time that the U.S. government will restore the social cost index of carbon emissions formulated under Obama.

The White House said in a website statement that the U.S. government will replace the standards set by the previous government with the social cost of carbon emissions set “before 2017” (i.e. Obama’s administration).

The White House pointed out that unlike the Trump administration’s estimation method, the Obama administration’s estimation method takes into account international standards and uses a way to calculate future losses.

So the Biden administration has set the 2021 social cost of carbon emissions at around $51/ton, replacing Trump-era as low as $1/ton.