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Working Group Issues Govt Greenhouse Gas Accounting Guidance

financial reportingThe Interagency Working Group on the Social Cost of Greenhouse Gases has issued updated guidance designed to bolster the government’s methodology for how to account and track GHGs.

Howard Shelanski, Office of Information and Regulatory Affairs administrator, and Jay Shambaugh, Council of Economic Advisers member, wrote in a blog post published Friday the IWG asked National Academies of Sciences to provide advice on how to update the former’s methodology to reflect the most current science.

The IWG has expanded the presentation of its social cost of carbon dioxide estimates through NAS-recommended discussion and will incorporate advise from the Academies’ into the social cost of carbon and release new estimates for methane and nitrous oxide.

“As we take steps to continue to keep these estimates informed by the most up-to-date science and economics, this Administration also recognizes that climate change is a global threat that requires international cooperation to combat effectively,” Shelanski noted.

The post added that the IWG will look to evaluate its estimation approach on the social cost of GHGs based on the longer-term guidance from the NAS’ final report.

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