,,ii  #aafth ,,congress  #ast ,session  
,s4 #agde  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #e1      
#bjai,mr4 ,bennet 7for himself1 ,mr4    
,whitehouse1 ,mr4 ,van ,hollen1 ,ms4    
,harris1 ,mr4 ,cardin1 ,mrs4 ,feinstein1
 ,mr4 ,merkley1 ,mr4 ,wyden1 ,ms4       
,smith1 ,mr4 ,carper1 ,mrs4 ,gillibrand1
 ,ms4 ,hirono1 ,ms4 ,klobuchar1 ,mr4    
,schatz1 ,mr4 ,markey1 ,mr4 ,heinrich1  
and ,ms4 ,cortez ,masto7 introduced the 
following bill2 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 dioxide1    
methane1 and nitrous oxide to be used by
 ,federal agencies1 and for other       
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,carbon ,pollution  
,transparency ,act4  #b4 ,findings      
,congress finds that--  7#a7 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 emissions2     
7#b7 climate change1 if not addressed1  
is projected to inflict substantial     
damage on the economy and people of the 
,united ,states2  7#c7 according to the 
,congressional ,budget ,office1 the     
,government ,accountability ,office1 and
 the ,office of ,management and ,budget1
 the impacts of climate change are--    
7,a7 costing ,united ,states taxpayers  
billions of dollars annually2 and  7,b7 
putting pressure on the ,federal budget2
  7#d7 the expenditures by the ,federal 
,government resulting from the effects  
of climate change are projected to      
increase1 and reducing greenhouse gas   
emissions presents an opportunity to    
minimize those expenditures2  7#e7      
between calendar years #bjjh and #bjae1 
the ,united ,states reduced carbon      
pollution from the energy sector by     
nearly #aj percent1 while the economy   
grew more than #aj percent2  7#f7 more  
than #a1bjj companies are taking the    

cost of climate change into             
consideration in business decisions2    
7#g7 estimates of the costs of          
greenhouse gases provide a method and   
measure1 grounded in scientific and     
economic research1 for monetizing--     
7,a7 the costs of greenhouse gas        
emissions2 and  7,b7 the benefits of    
reducing greenhouse gas emissions2  7#h7
 the ,national ,academies of ,sciences1 
,engineering1 and ,medicine has provided
 detailed recommendations for improving 
the estimate of the costs of greenhouse 
gases for the purpose of regulatory     
analysis2  7#i7 the reduction of        
greenhouse gas emissions by other       
countries benefits the ,united ,states  
by reducing climate risks to the ,united
 ,states1 and the reduction of          
greenhouse gas emissions by the ,united 
,states benefits other countries2  7#aj7
 in light of the global nature of the   
problem of greenhouse gas emissions1 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 damages2  7#aa7 due to the nature
 of climate change risks1 the returns on
 mitigation may pay off in periods that 
would otherwise involve substantial     
losses2  7#ab7 economic theory and      
evidence suggests that1 for actions with
 intergenerational consequences such as 
the consequences of climate change1 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 appropriate2 and  7#ac7  
it is imperative that the academic      
community continue research on the cost 
of greenhouse gases4  #c4 ,definitions  
,in this ,act3 7#a7 ,calculation method 
,the term calculation method means the  
method by which the costs of greenhouse 
gases are calculated in accordance with 
subsections 7a71 7b71 and 7c7 of section
 #d1 respectively4  7#b7 ,committee ,the
 term ,committee means the ,costs of    
,greenhouse ,gases ,scientific ,review  

,committee established under section    
#g7;a74  7#c7 ,costs of greenhouse gases
  7,a7 ,in general ,the term costs of   
greenhouse gases means the monetized    
present discounted values1 in dollars1  
of the current and future net costs to  
society that result from--  7i7 #a ton  
of emissions of a specific greenhouse   
gas in a specific year1 including1 but  
not limited to1 damage relating to--    
7,i7 a change in net agricultural       
productivity2  7,,ii7 energy use2       
7,,iii7 human health2  7,,iv7 property  
damage from increased flood risk and sea
 level rise2 and  7,v7 to the maximum   
extent practicable1 the value of the    
effect on ecosystem services due to     
climate change2 and  7ii7 the monetized 
present discounted values of the current
 and future net benefits to society from
 a #a-ton reduction of emissions of a   
specific greenhouse gas in a specific   
year1 including a reduction in any      
damage described in clause 7i74  7,b7   
,inclusions ,the term costs of          

greenhouse gases includes-- 7i7 the cost
 of carbon dioxide2  7ii7 the cost of   
methane2  7iii7 the cost of nitrous     
oxide2 and  7iv7 the cost of any other  
greenhouse gas estimated by the ,working
 ,group4  7#d7 ,working ,group ,the term
 ,working ,group means the ,interagency 
,working ,group on the ,costs of        
,greenhouse ,gases established under    
section #e7;a74  #d4 ,cost of carbon    
dioxide1 cost of methane1 and cost of   
nitrous oxide  7a7 ,cost of carbon      
dioxide ,in developing any rulemaking   
that requires a regulatory impact       
analysis1 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        
finalized1 the head of any ,federal     
agency shall consider and document the  
cost of carbon dioxide in accordance    
with the amounts specified in the       
following table3 ,cost of ,carbon       
,dioxide1 #bjaj ,through #bjej 7in #bjjg

 ,dollars per ,metric ,ton of ,carbon   
,dioxide71 ,discount ,rate and          
,statistic,year#e ,percent ,average#c   
,percent ,average#b4e ,percent          
,average,high ,impact 7#ieth ,percentile
 at #c ,percent ,discount ,rate7        
#bjajajcaejhfbjaaaacbeaijbjabaaccecicbja
caacdedigbjadaaceeeajabjaeaacfefajebjafa
achegajhbjagaacieiaabbjahabdjfjaafbjaiab
dafaabjbjbjabdbfbabcbjbaabdbfcabfbjbbacd
cfdabibjbcacddfeacbbjbdacdeffacebjbeaddf
fhachbjbfaddgfiadabjbgaedhgjadcbjbhaedig
aadfbjbiaedigbadibjcjafejgcaebbjcaafeagd
aeebjcbagebgeaehbjccagecgfafabjcdahedgga
fdbjceaheeghafhbjcfaiefgiagabjcgaieghaag
dbjchbjehhbaggbjcibjeihcahjbjdjbafjhdahc
bjdabafaheahfbjdbbbfahfahibjdcbbfbhgaibb
jddbcfchhaidbjdebcfdhiaigbjdfbdfeijbjjbj
dgbdffibbjcbjdhbefgicbjfbjdibefhidbjibje
jbffiiebab  7b7 ,cost of methane ,in    
developing any rulemaking that requires 
a regulatory impact analysis1 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 finalized1 the head of any ,federal 
agency shall consider and document the  
cost of methane in accordance with the  
amounts specified in the following      
table3 ,cost of ,methane1 #bjaj ,through
 #bjej 7in #bjjg ,dollars per ,metric   
,ton of ,methane71 ,discount ,rate and  
,statistic,year#e ,percent ,average#c   
,percent ,average#b4e ,percent          
,average,high ,impact 7#ieth ,percentile
 at #c ,percent ,discount               
,rate7#bjajcgjhgja1bjjb1djjbjaachjiaja1b
jjb1ejjbjabdjjidja1cjjb1fjjbjacdbjigja1c
jjb1gjjbjadddja1jjja1cjjb1gjjbjaedeja1jj
ja1djjb1hjjbjafdgja1ajja1djjb1ijjbjagdij
a1ajja1ejjc1jjjbjaheaja1ajja1ejjc1jjjbja
iebja1bjja1ejjc1ajjbjbjedja1bjja1fjjc1bj
jbjbaefja1bjja1fjjc1cjjbjbbeija1cjja1gjj
c1djjbjbcfaja1cjja1gjjc1ejjbjbdfcja1djja
1hjjc1fjjbjbefeja1djja1hjjc1gjjbjbffgja1
djja1ijjc1hjjbjbggjja1ejja1ijjc1ijjbjbhg
bja1ejjb1jjjd1jjjbjbigdja1fjjb1jjjd1ajjb
jcjgfja1fjjb1jjjd1bjjbjcagija1fjjb1ajjd1
cjjbjcbhbja1gjjb1ajjd1ejjbjccheja1gjjb1b

jjd1fjjbjcdhhja1hjjb1bjjd1gjjbjceijja1hj
jb1cjjd1ijjbjcficja1ijjb1djje1jjjbjcgifj
a1ijjb1djje1ajjbjchiijb1jjjb1ejje1bjjbjc
ia1jjjb1jjjb1ejje1djjbjdja1jjjb1jjjb1fjj
e1ejjbjdaa1ajjb1ajjb1fjje1fjjbjdba1ajjb1
ajjb1gjje1gjjbjdca1ajjb1bjjb1gjje1hjjbjd
da1bjjb1bjjb1hjje1ijjbjdea1bjjb1cjjb1hjj
f1ajjbjdfa1bjjb1cjjb1ijjf1bjjbjdga1cjjb1
djjb1ijjf1cjjbjdha1cjjb1djjc1jjjf1djjbjd
ia1cjjb1ejjc1jjjf1ejjbjeja1cjjb1ejjc1ajj
f1gjj  7c7 ,cost of nitrous oxide ,in   
developing any rulemaking that requires 
a regulatory impact analysis1 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 finalized1 the head 
of any ,federal agency shall consider   
and document the cost of nitrous oxide  
in accordance with the amounts specified
 in the following table3 ,cost of       
,nitrous ,oxide1 #bjaj ,through #bjej   
7in #bjjg ,dollars per ,metric ,ton of  
,nitrous ,oxide71 ,discount ,rate and   

,statistic,year#e ,percent ,average#c   
,percent ,average#b4e ,percent          
,average,high ,impact 7#ieth ,percentile
 at #c ,percent ,discount               
,rate7#bjajc1djjab1jjjah1jjjca1jjjbjaac1
ejjab1jjjah1jjjcb1jjjbjabc1gjjab1jjjai1j
jjcc1jjjbjacc1hjjac1jjjai1jjjcd1jjjbjadc
1ijjac1jjjbj1jjjcd1jjjbjaed1jjjac1jjjbj1
jjjce1jjjbjafd1bjjad1jjjbj1jjjcf1jjjbjag
d1cjjad1jjjba1jjjcg1jjjbjahd1djjad1jjjba
1jjjch1jjjbjaid1fjjae1jjjbb1jjjch1jjjbjb
jd1gjjae1jjjbb1jjjci1jjjbjbad1ijjae1jjjb
c1jjjdj1jjjbjbbe1jjjaf1jjjbc1jjjda1jjjbj
bce1bjjaf1jjjbc1jjjdb1jjjbjbde1djjaf1jjj
bd1jjjdc1jjjbjbee1ejjag1jjjbd1jjjdd1jjjb
jbfe1gjjag1jjjbe1jjjde1jjjbjbge1ijjag1jj
jbe1jjjdf1jjjbjbhf1jjjah1jjjbf1jjjdg1jjj
bjbif1bjjah1jjjbf1jjjdh1jjjbjcjf1cjjai1j
jjbg1jjjdi1jjjbjcaf1ejjai1jjjbg1jjjej1jj
jbjcbf1hjjai1jjjbh1jjjea1jjjbjccg1jjjbj1
jjjbh1jjjeb1jjjbjcdg1bjjbj1jjjbi1jjjed1j
jjbjceg1djjba1jjjbi1jjjee1jjjbjcfg1fjjba
1jjjcj1jjjef1jjjbjcgg1hjjba1jjjcj1jjjeg1
jjjbjchh1jjjbb1jjjca1jjjeh1jjjbjcih1bjjb
b1jjjca1jjjei1jjjbjdjh1djjbc1jjjcb1jjjfj

1jjjbjdah1fjjbc1jjjcb1jjjfa1jjjbjdbh1hjj
bc1jjjcc1jjjfb1jjjbjdci1ajjbd1jjjcc1jjjf
d1jjjbjddi1cjjbd1jjjcd1jjjfe1jjjbjdei1ej
jbe1jjjcd1jjjff1jjjbjdfi1hjjbe1jjjce1jjj
fg1jjjbjdgaj1jjjbf1jjjce1jjjfh1jjjbjdhaj
1jjjbf1jjjcf1jjjfi1jjjbjdiaj1jjjbf1jjjcf
1jjjga1jjjbjejaa1jjjbg1jjjcg1jjjgb1jjj  
7d7 ,adjustment for inflation ,the head 
of a ,federal agency may adjust the     
costs described in the tables contained 
in subsections 7a7 through 7c7 for      
inflation4  #e4 ,interagency ,working   
,group on the ,costs of ,greenhouse     
,gases  7a7 ,establishment ,the         
,director of the ,office of ,management 
and ,budget1 the ,director of the       
,office of ,science and ,technology     
,policy1 and the ,chair of the ,council 
of ,economic ,advisers shall establish  
an interagency working group1 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 #f4  7b7 ,membership ,the       

,working ,group shall consist of members
 from-- 7#a7 the ,council of ,economic  
,advisers2  7#b7 the ,office of ,science
 and ,technology ,policy2  7#c7 the     
,national ,security ,council2  7#d7 the 
,national ,economic ,council2  7#e7 the 
,council on ,environmental ,quality2    
7#f7 the ,department of ,agriculture2   
7#g7 the ,department of ,commerce2  7#h7
 the ,department of ,energy2  7#i7 the  
,department of the ,interior2  7#aj7 the
 ,department of ,transportation2  7#aa7 
the ,department of the ,treasury2  7#ab7
 the ,department of ,health and ,human  
,services2  7#ac7 the ,environmental    
,protection ,agency2  7#ad7 the         
,national ,oceanic and ,atmospheric     
,administration2  7#ae7 the ,federal    
,energy ,regulatory ,commission2  7#af7 
the ,united ,states ,global ,change     
,research ,program2 and  7#ag7 the      
,corps of ,engineers4  #f4 ,calculation 
method revision  7a7 ,revision          
evaluation  7#a7 ,in general ,not later 
than #e years after the date of         

enactment of this ,act1 and not less    
frequently than once every #e years     
thereafter1 the ,working ,group shall   
carry out a revision evaluation for the 
cost of carbon dioxide1 cost of methane1
 and cost of nitrous oxide to determine 
whether a revision of the calculation   
method of the cost of carbon dioxide1   
cost of methane1 or cost of nitrous     
oxide is necessary4  7#b7               
,considerations ,in carrying out a      
revision evaluation under paragraph 7#a7
 or a revision under subsection 7b71 the
 ,working ,group shall--  7,a7          
consider-- 7i7 the findings of the      
,national ,academies of ,sciences1      
,engineering1 and ,medicine relating to 
approaches to estimating the costs of   
greenhouse gases2  7ii7 the findings of 
the ,committee under section #g7;a77#c72
  7iii7 advancements in scientific and  
economic research relating to the       
impacts of climate change and the       
estimation of the costs of greenhouse   
gases2  7iv7 new domestic and           

international findings2  7v7 the        
qualitative costs to society as a result
 of the categories of damage described  
in section #c7c77;,a7 that cannot be    
monetized and the impact on             
environmental justice communities2 and  
7vi7 all harm caused by greenhouse gas  
emissions2  7,b7 assess any proposed    
revision of the calculation method with 
respect to--  7i7 consistency with the  
state of scientific knowledge1 as       
reflected by current1 peer-reviewed     
literature2 and  7ii7 the adequacy with 
which the proposed calculation method   
identifies and represents key           
uncertainties and sensitivities2  7,c7  
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 damages2  7,d7 apply
 #a or more discount rates1 which       
shall-- 7i7 account for the             

intergenerational nature of the harm    
caused by climate change2 and  7ii7 be  
consistent with the interest rate of    
consumption used by ,federal agencies to
 reflect climate risk2  7,e7 include    
values that account for global damages  
from greenhouse gas emissions2  7,f7    
document the calculation method and     
present results in a manner adequate for
 the scientific community to understand 
and assess the calculation method2 and  
7,g7 make available to researchers the  
model code for review1 use1 and         
modification4  7b7 ,revision  7#a7      
,calculation method ,if the ,working    
,group makes a determination under      
subsection 7a77#a7 that revision of the 
calculation method is necessary1 the    
,working ,group shall draft a proposed  
revision of the calculation method4     
7#b7 ,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 #ij    

days and include consultation with      
industry groups4  7#c7 ,effect of       
revisions by ,working ,group ,any       
revised calculation method of the cost  
of carbon dioxide1 the cost of methane1 
or the cost of nitrous oxide developed  
by the ,working ,group under paragraph  
7#a7 and published under paragraph 7#b7 
shall supersede the applicable discount 
rate value of the cost of carbon        
dioxide1 the cost of methane1 or the    
cost of nitrous oxide under section #d4 
#g4 ,costs of ,greenhouse ,gases        
,scientific ,review ,committee  7a7     
,establishment  7#a7 ,in general ,not   
later than ,january #a1 #bjba1 and not  
less frequently than once every #e years
 thereafter1 the ,director of the       
,office of ,management and ,budget1 in  
consultation with the ,director of the  
,office of ,science and ,technology     
,policy and the ,chair of the ,council  
of ,economic ,advisers1 shall establish 
a committee1 to be known as the ,costs  
of ,greenhouse ,gases ,scientific       

,review ,committee4  7#b7 ,membership   
,the membership of the ,committee shall 
consist of not fewer than #aj members1  
selected by the presidents of the       
,national ,academies of ,sciences1      
,engineering1 and ,medicine1 who shall  
represent scientific fields relevant to 
the estimation of the costs of          
greenhouse gases1 including--  7,a7     
climate science2  7,b7 climate          
economics2 and  7,c7 decision analysis4 
7#c7 ,duties ,the ,committee shall      
publish a report in which the ,committee
 shall--  7,a7 make a recommendation to 
the ,working ,group regarding whether a 
revision of the calculation method is   
necessary2  7,b7 if the ,committee      
determines that a revision is necessary1
 recommend scientific data and models to
 be used by the ,working ,group in the  
revision of the calculation method2     
7,c7 provide scientific advice to the   
,working ,group on the revision2 and    
7,d7 provide guidance to the ,u4,s4     
,global ,change ,research ,program with 

respect to the research necessary to    
advance the estimation of the costs of  
greenhouse gases4  7b7 ,termination ,on 
the completion of the revision          
evaluation for which the ,committee is  
established1 the ,committee shall       
terminate4  7c7 ,authorization of       
appropriations ,there are authorized to 
be appropriated such sums as are        
necessary to administer the ,committee4