The world's leading experts have given their most dire warning yet on the impact of climate change. The latest report from the Intergovernmental Panel on Climate Change is clear: our world is already seeing serious effects of climate change, and things will get much worse in years to come if we do not swiftly reduce the greenhouse gas emissions that are literally cooking our goose. It's time for the United States to move more forcefully to reduce greenhouse gas emissions.
A well-designed carbon tax placed on the points of production of fossil fuels would recycle revenue back to households and into the economy, protecting families from rising costs while encouraging development of alternate energy sources. A recent study by Regional Economic Models, Inc. found that a carbon tax in California would increase GDP and add many jobs, provided the revenue is returned to the public, either as tax cuts or direct payments. This result is borne out in British Columbia where a carbon tax has been in place since 2008 with beneficial impact on carbon emissions and the economy.
A carbon tax with revenue refunded to households can speed the transition to a low-carbon society and have a positive impact on our economy. It's time for lawmakers in Congress to exhibit the kind of cooperation shown in previous times of great adversity by embracing this sensible solution.