The National Academies of Science panel, co-chaired by Professor Maureen Cropper, that is studying the Social Cost of Carbon (SCC) used by the Federal government for regulatory and other purposes has issued an interim report. The recent release of estimates related to the probabilities of realizing different climate outcomes has prompted some discussion of immediate revisions to the SCC, but the panel concludes that such a near-term update would not be warranted. The panel does recommend, however, that Federal agencies work to develop a common approach to better represent the uncertainty around climate change projections. In the next phase of its work, the panel will consider potential approaches for a more comprehensive, longer-term update to the SCC estimates. A link to the panel’s interim report can be found here.