Transparency and Honesty in Energy Regulations Act of 2024

Bill 118 s 5385, also known as the "Social Cost of Greenhouse Gases Act," aims to prevent Federal agencies from factoring in the social cost of carbon, methane, nitrous oxide, or any other greenhouse gas when making decisions. This means that when agencies are considering actions that could impact the environment, they would not be allowed to take into account the potential costs associated with these gases.

The bill specifies that agencies can only consider the social cost of greenhouse gases if they are following guidance from the Office of Management and Budget. This guidance would likely outline specific criteria and methodologies for calculating the social cost of these gases.

The purpose of this bill is to limit the influence of the social cost of greenhouse gases on Federal agency decision-making. Supporters of the bill argue that these costs are often inflated and can lead to unnecessary regulations and restrictions on businesses. Critics, on the other hand, believe that ignoring the social cost of greenhouse gases could have negative consequences for the environment and public health. Overall, the "Social Cost of Greenhouse Gases Act" seeks to restrict the consideration of greenhouse gas costs in Federal agency actions, unless they are in line with OMB guidance. The impact of this bill, if passed, could have significant implications for environmental policy and regulation in the United States.