On day one of his administration, President Biden issued what could possibly be the world’s strongest overall policy on climate change (though still not enough to prevent climate catastrophe). In particular, this applies to the section: Accounting for the Benefits of Reducing Climate Pollution. (No one else is calling it "climate pollution.")

Below is a much shortened and highlighted edit of the far-reaching Biden executive order with respect to climate change.

Executive Order on Protecting Public Health and the Environment and Restoring Science                                       to Tackle the Climate Crisis

JANUARY 20, 2021 • PRESIDENTIAL ACTIONS

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:

It is, therefore, the policy of my Administration to listen to the science; to improve public health and protect our environment; to ensure access to clean air and water; to limit exposure to dangerous chemicals and pesticides; to hold polluters accountable, including those who disproportionately harm communities of color and low-income communities; to reduce greenhouse gas emissions; to bolster resilience to the impacts of climate change.

To that end, this order directs all executive departments and agencies to immediately review and, as appropriate and consistent with applicable law, take action to address the promulgation of Federal regulations and other actions during the last 4 years that conflict with these important national objectives, and to immediately commence work to confront the climate crisis.

Executive actions on climate change

Accounting for the Benefits of Reducing Climate Pollution. (a) It is essential that agencies capture the full costs of greenhouse gas emissions as accurately as possible, including by taking global damages into account. Doing so facilitates sound decision-making, recognizes the breadth of climate impacts, and supports the international leadership of the United States on climate issues. The “social cost of carbon” (SCC), “social cost of nitrous oxide” (SCN), and “social cost of methane” (SCM) are estimates of the monetized damages associated with incremental increases in greenhouse gas emissions. They are intended to include changes in net agricultural productivity, human health, property damage from increased flood risk, and the value of ecosystem services. An accurate social cost is essential for agencies to accurately determine the social benefits of reducing greenhouse gas emissions when conducting cost-benefit analyses of regulatory and other actions.

There is hereby established an Interagency Working Group on the Social Cost of Greenhouse Gases (the “Working Group”).  The Chair of the Council of Economic Advisers, Director of OMB, and Director of the Office of Science and Technology Policy shall serve as Co-Chairs of the Working Group.

Membership.  The Working Group shall also include the following other officers, or their designees:  the Secretary of the Treasury; the Secretary of the Interior; the Secretary of Agriculture; the Secretary of Commerce; the Secretary of Health and Human Services; the Secretary of Transportation; the Secretary of Energy; the Chair of the Council on Environmental Quality; the Administrator of the Environmental Protection Agency; the Assistant to the President and National Climate Advisor; and the Assistant to the President for Economic Policy and Director of the National Economic Council.

Mission and Work.  The Working Group shall, as appropriate and consistent with applicable law:

Publish an interim SCC, SCN, and SCM within 30 days of the date of this order, which agencies shall use when monetizing the value of changes in greenhouse gas emissions resulting from regulations and other relevant agency actions until final values are published.

Publish a final SCC [CO2[, SCN [nitrous oxide], and SCM [methane] by no later than January 2022.

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Regarding fossil fuel methane emissions: “Reducing Methane Emissions in the Oil and Gas Sector”

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Regarding fuel economy: “Establishing Ambitious, Job-Creating Fuel Economy Standards”

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Regarding building efficiency: “Job-Creating Appliance- and Building-Efficiency Standards”

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Regarding air pollution: “Protecting Our Air from Harmful Pollution: National Emission Standards for Hazardous Air Pollutants: Coal- and Oil-Fired Electric Utility Steam Generating Units”

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Regarding a National Climate Adviser [new federal agent]: “In addition, and at the same time, heads of agencies shall send to the National Climate Advisor a list of additional actions being considered pursuant to … this order.”

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Regarding stakeholders: “In carrying out the actions directed in this section, heads of agencies shall seek input from the public and stakeholders, including State, local, Tribal, and territorial officials, scientists, labor unions, environmental advocates, and environmental justice organizations.

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Regarding the Arctic Refuge: (a) In light of the alleged legal deficiencies underlying the program, including the inadequacy of the environmental review required by the National Environmental Policy Act, the Secretary of the Interior shall, as appropriate and consistent with applicable law, place a temporary moratorium on all activities of the Federal Government relating to the implementation of the Coastal Plain Oil and Gas Leasing Program

1341(a), Executive Order 13754 and the Presidential Memorandum of December 20, 2016, [President Obama’s administration] are hereby reinstated in their original form, thereby restoring the original withdrawal of certain offshore areas in Arctic waters and the Bering Sea from oil and gas drilling.

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