Senator Bernie Sanders explains
Why We Need a Carbon Tax, announcing that he is proud to have teamed up with Senator Barbara Boxer to advance the Climate Protection Act which would add fees to the largest emitters of carbon and methane. Sanders reminds us that "Global warming is the greatest environmental threat facing the planet and averting a planetary disaster will require a major reduction in the burning of coal, oil and other fossil fuels."
The carbon fee would apply to only 2,869 of the largest fossil fuel polluters, covering about 85 percent of U.S. greenhouse gas emissions. The Congressional Budget Office estimated that the approach used in our bill will reduce greenhouse gas emissions levels by about 20 percent from 2005 levels by 2025 and will generate $1.2 trillion in revenue over 10 years. Our bill returns 60 percent of that revenue directly to American taxpayers to offset any efforts by the fossil fuel corporations to jack up their prices. The rest of the revenue would support large investments in renewable energy, weatherize a million homes a year (which itself would create hundreds of thousands of jobs and save each household hundreds of dollars a year on their energy bills), fund $1 billion a year in worker training, and put hundreds of billions of dollars into reducing the national
debt.
Meanwhile, the fossil fuel industry for too long has shifted these enormous costs of carbon pollution onto the public, walking away with billions in profits while their emissions help destroy the planet. The top five oil and gas companies alone made over $1 trillion in the past decade. That's over $250 million per day. The fossil fuel industry is destroying the planet with impunity and getting rich while doing it. .,. Taxing carbon will also mean that the price of fossil fuels will reflect their real costs to our communities. The dirtier the fuel, the more expensive it will be.
Finally, a carbon tax will help give energy efficiency and renewable energy the level playing field they deserve, making these technologies even more affordable. In fact, as clean energy sources like solar, wind and geothermal become even more accessible their cost will drop even more. And renewable energy isn't subject to the wild price swings of gasoline, fuel oil, propane and other fossil fuels that are so harmful to American families and American businesses. ...
Sanders cites a 2008 Congressional Budget Office report that concludes a carbon tax as being the "most straight forward and efficient" way to reduce emissions.
Sanders reminds those concerned about the cost of taking action is less than the cost of not taking action, and that were are already paying enormous costs due to climate change and those costs will escalate unless we take dramatic actions.
I hope other Senators will join this urgent and vital call to action, and support this Boxer-Sanders bill. I agree with Senator Sanders when he says we need to "take bold action to reduce carbon emissions and leave a habitable planet for our grandchildren."
Please support this bill.