It’s one strategy that -when used alongside efficiency, clean energy innovation and infrastructure, and strict emissions regulations-can lead to a cleaner and more prosperous future. A carbon tax helps load that cost upfront and balance the scales. And that doesn’t account for the personal cost felt by those most vulnerable to climate change. The Government Accountability OfficeĮstimates that the US spent $350 billion in the past decade on climate-related impacts. The bottom line is that carbon emissions already have a price attached-it’s just not the emitters who pay. America’s towns, cities, tribal communities, and organizations are still committed to meeting the emissions targets of the Paris Agreement, for which a price on carbon is critical. Several corporations already support a carbon tax. We’re starting to see this pressure building. To avoid this scenario in the US, politicians on both sides of the aisle must feel pressure from all communities and sectors. Under their plan, a family of four would receive a check for $2,000 each year. For example, the Climate Leadership Council proposes a dividend that would return the revenue of the tax to each American family. That is why it’s important that any carbon tax is complemented by a program to ensure that people are not made worse off by an increase in the cost of fossil fuels. That money could help offset energy costs for low-income families, fund clean energy infrastructure, help us adapt to climate change, or be given back to American citizens as a dividend.Īt the same time, it is important to recognize that as currently constructed, lots of people depend on fossil fuels to heat their homes, transport their food, or commute to and from work. In that same timeframe, this tax would also generate an estimated $1 trillion. The Congressional Budget Office estimates that with a tax of $25 per metric ton of CO2, emissions would be 11% lower in 2028 than currently projected. Taxing them could be the fastest way to spur movement toward a truly green economy in the US. With climate change gaining prominence as a major political issue, some experts are proposing a carbon tax as a possible compromise to mitigate greenhouse gas emissions. When fossil fuels cost more, people use less of them and seek cheaper renewable alternatives. He also worked for the Pioneer Institute in 2019, spent a summer as a journalism intern at Reason magazine, and written op-eds for various print and online publications. A carbon tax is also referred to as a form of carbon pricing on greenhouse gas emissions where a fixed price is set by the government for carbon emissions in. So how can we realistically cut carbon emissions and limit global warming? One critical way is through carbon pricing-placing a tax on every ton of greenhouse gas emitted, thereby making cleaner alternatives economically competitive. And yet carbon emissions continue to rise in the United States. We already know what we need to do to avoid the worst impacts of the climate crisis: quickly transition from high-polluting fossil fuels to renewable energy. Understanding carbon taxes Describe how carbon taxes work in reducing greenhouse gas emissions Outline key considerations that shape the decision to adopt.
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