Republicans must cooperate with Democrats in the incoming Biden administration for workable solutions to slow down the warming of our planet.
Scientists, economists, the Business Roundtable, faith-based organizations and others have endorsed the wisdom and necessity of placing a price on carbon. By making the production of greenhouse gas emissions from the burning of fossil fuels increasingly more expensive, they will be reduced.
Forward-thinking members of Congress this year introduced a bipartisan bill, the Energy Innovation and Carbon Dividend Act, that is expected to be reintroduced in 2021. This bill advocates placing an annual escalating fee on carbon and proposes that the net fees collected be returned to U.S. households in the form of a dividend. This would help Americans as businesses transition to cleaner forms of energy.
A carbon price creates an incentive for decision makers in the economy to look for ways to decrease emissions. Without the dividend, any carbon-reduction policy would hurt low- and middle-income families. However, a household impact study by the nonprofit, nonpartisan Citizens’ Climate Lobby showed that 61% of U.S. households and 68% of individuals would see a financial benefit from this policy. And among the poorest households, 96% would see a financial benefit.
Both houses of Congress must include a carbon fee and dividend in any climate legislation introduced in 2021.
The writer is a volunteer for Citizens’ Climate Lobby.