Essays On Carbon Tax

A recent report by the International Energy Agency suggests that with current climate policies, global mean temperature is likely to increase by between 3.6 and 5C, with most of that increase occurring this century.This is far outside the temperature range experienced in the history of humanity.1 A temperature increase of this magnitude would cause significant hardship, in the form of rising sea levels, reduced freshwater and food availability, increased disease spread, reduced biodiversity, increased conflict, reduced productivity, and other factors.2 The highly-cited Review of climate change economics by Nicholas Stern estimates that the costs of unchecked climate change could be as much as 20 percent of gross world product.3 Globally, annual emissions of carbon dioxide, the primary greenhouse gas, reached 32 billion tonnes (gigatonnes, or Gt) in 2012, their highest level ever.

A recent report by the International Energy Agency suggests that with current climate policies, global mean temperature is likely to increase by between 3.6 and 5C, with most of that increase occurring this century.This is far outside the temperature range experienced in the history of humanity.1 A temperature increase of this magnitude would cause significant hardship, in the form of rising sea levels, reduced freshwater and food availability, increased disease spread, reduced biodiversity, increased conflict, reduced productivity, and other factors.2 The highly-cited Review of climate change economics by Nicholas Stern estimates that the costs of unchecked climate change could be as much as 20 percent of gross world product.3 Globally, annual emissions of carbon dioxide, the primary greenhouse gas, reached 32 billion tonnes (gigatonnes, or Gt) in 2012, their highest level ever.

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It would distribute the proceeds as a flat monthly rebate to American households.

The rebate softens the blow of higher energy costs.

In fact, during the last decade worldwide annual emissions was higher than at any time in the past, as Figure 1 illustrates.

As a consequence, in May of 2013, the atmospheric concentration of carbon dioxide eclipsed 400 parts per million – its highest level in at least several hundred thousand years.

Essentially every major multilateral institution endorses carbon pricing: the International Monetary Fund, the UN, and the World Bank, to name a few.

Christine Lagarde, the managing director of the IMF, spoke for many in 2017 when she recommended a simple approach to dealing with carbon dioxide: “Price it right, tax it smart, do it now.” In practice, however, there’s a problem with the idea of slashing carbon emissions by putting a price on them: it isn’t doing much about climate change.

It has been estimated that to avoid “dangerous anthropogenic interference with the climate system” – generally defined as a global mean surface temperature increase of more than 2 C relative to pre-industrial levels – the atmospheric carbon dioxide concentration should be stabilized at no higher than 450 parts per million.

Calculations by climate modellers suggest that meeting this target will be extremely challenging.

On December 19, 2018, outgoing Senator Jeff Flake, R-Ariz., and Senator Chris Coons, D-Del., introduced a carbon tax bill.

It would impose a tax of per ton of carbon dioxide in 2019, increasing each year, rising to almost 0 per ton by 2030.