Originally published on Climate Progress.
By Samantha Page
Climate change costs an incredible amount of money. Whether it is deaths during heat waves, reconstruction after a superstorm, or even lost revenues at ski slopes, rising temperatures and increased extreme weather events are costing the economy. In fact, Citibank reported earlier this year that it will cost $44 trillion worldwide by 2060 to mitigate the costs of climate change under the business as usual scenario.
But efforts to include those costs in permitting projects just took another hit, when the House voted to pass the RAPID Act, a bill intended to streamline permitting processes. Tucked into the bill is language that will prohibit the Environmental Protection Agency from considered the social cost of carbon during permitting.
The bill, which passed largely down party lines Friday afternoon, specifically prohibits federal agencies from following draft guidance from the White House Council on Environmental Quality for “consideration of greenhouse gas emissions and the effects of climate change” in environmental reviews. Further, under the RAPID Act, any permit request that is not addressed by the agency deadline will be automatically approved.
Reprinted with permission.