Fresno writer outlines plan to reverse climate change and halt its bad impacts
BY KEN WALL
JULY 13, 2021 11:34 AM
The vast majority of Americans, no matter their party affiliation, are worried about climate change. We want our government to take action to cut greenhouse gas emissions without damaging our livelihoods, our access to goods and services, and our ability to get from point A to point B.
How can we do this quickly enough to hit the net zero emissions goal for 2050? It is clear to me that national legislation is the key to effectively tackling climate change in time to avoid the worst consequences of the changing climate.
As a former bank regulator, I know how difficult it is to establish regulations that “get it right.” This is one reason that I agree with most economists who have concluded that a market-based approach, rather than a regulatory approach, is the most effective way to transition the economy away from fossil fuels to clean energy. And of the market-based options that have been proposed, I am convinced that what we need is a form of carbon pricing called Carbon Fee and Dividend.
Carbon Fee and Dividend, as envisioned in The Energy Innovation and Carbon Dividend Act (HR 2307), would be more effective overall in addressing our reliance on fossil fuels. It would be far simpler and cheaper to implement than regulatory approaches, and it would be more fair to all U.S. residents. By setting a gradually rising fee on each ton of CO2 produced, companies will have a powerful incentive to innovate ways to emit less carbon.
While any carbon pricing system would increase energy costs for U.S. residents, it is the “dividend” part of the measure that would ensure that lower-income residents especially do not suffer financially as a result. Projections show that the dividend amounts would more than cover the higher energy costs of almost all lower-income residents.
Ken Wall
https://www.fresnobee.com/opinion/readers-opinion/article252757623.html
No comments:
Post a Comment