Put a price on carbon
Dateline St. George, Utah: “Record Drought Strains the Southwest” the Wall Street Journal reported. “For the first time ever, rancher Jimmie Hughes saw all 15 of the ponds he keeps for his cattle dry up at the same time this year.”
Climate disruption is here.
Economists agree that a carbon fee is the most efficient mechanism to reduce greenhouse gas emissions. The proposed bipartisan Energy Innovation & Carbon Dividend Act would place a fee on carbon producers. Dividends would be paid to all Americans with 80% receiving more dividends than they would pay in higher prices. No other policy can match its efficiency in reducing carbon emissions.
The carbon dividends plan generates an extra $190 billion in economic output per year while achieving the same emissions reductions as a regulatory approach. By 2036, GDP is $420 billion higher each year under the carbon dividends approach. A carbon fee and dividend would create 1.6 million jobs and drive $1.4 trillion in innovation.
Carbon pricing is more effective than government regulations and is supported by the American Petroleum Institute, the Business Roundtable, the U.S. Chamber of Commerce, Shell, ExxonMobil, and ConocoPhillips.
It’s time for a price on carbon.
-- Jean M. Lown, St. George