This past Spring the Obama Administration took an important (and little reported) step towards more aggressively addressing climate change. They increased the social cost of carbon.
The official policy of the Obama administration now asserts that the social cost of carbon emissions to society are 60% higher than they previously estimated.
The Keystone XL Pipeline’s social cost of carbon could be as much as $100 billion per year. Until government agencies properly account for the cost of climate change caused by major fossil fuel infrastructure, projects like Keystone XL will continue to impose disproportionate costs on society.