Cost of Nitrous Oxide, 2010 Through 2050 (in 2007 
Dollars per Metric Ton of Nitrous Oxide), Discount 
Rate and Statistic—Continued 
Year 
5 Percent 
Average 
3 Percent 
Average 
2.5 Per-
cent Av-
erage 
High Im-
pact (95th 
Percentile 
at 3 Per-
cent Dis-
count 
Rate) 
2047 
$10,000 
$26,000 
$35,000 
$68,000 
2048 
$10,000 
$26,000 
$36,000 
$69,000 
2049 
$10,000 
$26,000 
$36,000 
$71,000 
2050 
$11,000 
$27,000 
$37,000 
$72,000. 
(d) ADJUSTMENT FOR INFLATION.—The head of a 
Federal agency may adjust the costs described in the ta-
bles contained in subsections (a) through (c) for inflation. 
SEC. 5. INTERAGENCY WORKING GROUP ON THE COSTS OF 
GREENHOUSE GASES. 
(a) ESTABLISHMENT.—The Director of the Office of 
Management and Budget, the Director of the Office of 
Science and Technology Policy, and the Chair of the Coun-
cil of Economic Advisers shall establish an interagency 
working group, 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 6. 
(b) MEMBERSHIP.—The Working Group shall consist 
of members from— 
(1) the Council of Economic Advisers; 
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(2) the Office of Science and Technology Policy; 
(3) the National Security Council; 
(4) the National Economic Council; 
(5) the Council on Environmental Quality; 
(6) the Department of Agriculture; 
(7) the Department of Commerce; 
(8) the Department of Energy; 
(9) the Department of the Interior; 
(10) the Department of Transportation; 
(11) the Department of the Treasury; 
(12) the Department of Health and Human 
Services; 
(13) the Environmental Protection Agency; 
(14) the National Oceanic and Atmospheric Ad-
ministration; 
(15) the Federal Energy Regulatory Commis-
sion; 
(16) the United States Global Change Research 
Program; and 
(17) the Corps of Engineers. 
SEC. 6. CALCULATION METHOD REVISION. 
(a) REVISION EVALUATION.— 
(1) IN GENERAL.—Not later than 5 years after 
the date of enactment of this Act, and not less fre-
quently than once every 5 years thereafter, the 
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Working Group shall carry out a revision evaluation 
for the cost of carbon dioxide, cost of methane, and 
cost of nitrous oxide to determine whether a revision 
of the calculation method of the cost of carbon diox-
ide, cost of methane, or cost of nitrous oxide is nec-
essary. 
(2) CONSIDERATIONS.—In carrying out a revi-
sion evaluation under paragraph (1) or a revision 
under subsection (b), the Working Group shall— 
(A) consider— 
(i) the findings of the National Acad-
emies of Sciences, Engineering, and Medi-
cine relating to approaches to estimating 
the costs of greenhouse gases; 
(ii) the findings of the Committee 
under section 7(a)(3); 
(iii) advancements in scientific and 
economic research relating to the impacts 
of climate change and the estimation of the 
costs of greenhouse gases; 
(iv) new domestic and international 
findings; 
(v) the qualitative costs to society as 
a result of the categories of damage de-
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scribed in section 3(3)(A) that cannot be 
monetized; and 
(vi) all harm caused by greenhouse 
gas emissions; 
(B) assess any proposed revision of the cal-
culation method with respect to— 
(i) consistency with the state of sci-
entific knowledge, as reflected by current, 
peer-reviewed literature; and 
(ii) the adequacy with which the pro-
posed calculation method identifies and 
represents key uncertainties and sensitivi-
ties; 
(C) evaluate the harm caused by green-
house gas emissions for the period beginning on 
the date on which the applicable revision eval-
uation commences and ending on a date in the 
future that would allow estimation of the vast 
majority of discounted climate damages; 
(D) apply 1 or more discount rates, which 
shall— 
(i) account for the intergenerational 
nature of the harm caused by climate 
change; and 
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(ii) be consistent with the interest 
rate of consumption used by Federal agen-
cies to reflect climate risk; 
(E) include values that account for global 
damages from greenhouse gas emissions; 
(F) document the calculation method and 
present results in a manner adequate for the 
scientific community to understand and assess 
the calculation method; and 
(G) make available to researchers the 
model code for review, use, and modification. 
(b) REVISION.— 
(1) CALCULATION
METHOD.—If the Working 
Group makes a determination under subsection 
(a)(1) that revision of the calculation method is nec-
essary, the Working Group shall draft a proposed re-
vision of the calculation method. 
(2) PUBLIC NOTIFICATION AND COMMENT PE-
RIOD.—Any proposed revision of the calculation 
method shall be published in the Federal Register 
for a period of public comment of not fewer than 90 
days and include consultation with industry groups. 
(3) EFFECT
OF
REVISIONS
BY
WORKING 
GROUP.—Any revised calculation method of the cost 
of carbon dioxide, the cost of methane, or the cost 
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of nitrous oxide developed by the Working Group 
under paragraph (1) and published under paragraph 
(2) shall supersede the applicable discount rate value 
of the cost of carbon dioxide, the cost of methane, 
or the cost of nitrous oxide under section 4. 
SEC. 7. COSTS OF GREENHOUSE GASES SCIENTIFIC RE-
VIEW COMMITTEE. 
(a) ESTABLISHMENT.— 
(1) IN GENERAL.—Not later than January 1, 
2021, and not less frequently than once every 5 
years thereafter, the Director of the Office of Man-
agement and Budget, in consultation with the Direc-
tor of the Office of Science and Technology Policy 
and the Chair of the Council of Economic Advisers, 
shall establish a committee, to be known as the 
‘‘Costs of Greenhouse Gases Scientific Review Com-
mittee’’. 
(2) MEMBERSHIP.—The membership of the 
Committee shall consist of not fewer than 10 mem-
bers, selected by the presidents of the National 
Academies of Sciences, Engineering, and Medicine, 
who shall represent scientific fields relevant to the 
estimation of the costs of greenhouse gases, includ-
ing— 
(A) climate science; 
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(B) climate economics; and 
(C) decision analysis. 
(3) DUTIES.—The Committee shall publish a 
report in which the Committee shall— 
(A) make a recommendation to the Work-
ing Group regarding whether a revision of the 
calculation method is necessary; 
(B) if the Committee determines that a re-
vision is necessary, recommend scientific data 
and models to be used by the Working Group 
in the revision of the calculation method; 
(C) provide scientific advice to the Work-
ing Group on the revision; and 
(D) provide guidance to the U.S. Global 
Change Research Program with respect to the 
research necessary to advance the estimation of 
the costs of greenhouse gases. 
(b) TERMINATION.—On the completion of the revi-
sion evaluation for which the Committee is established, the 
Committee shall terminate. 
(c) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated such sums as are nec-
essary to administer the Committee. 
Æ 
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