Report Highlights Effectiveness of Deutch, Rooney Carbon Fee Bill
Researchers with Columbia University's School of International and Public Affairs (SIPA) Center on Global Energy Policy, in a joint effort with Rhodium Group, released a report analyzing the Energy Innovation and Carbon Dividend Act (H.R. 763) introduced by Congressman Ted Deutch (D-FL) and Congressman Francis Rooney (R-FL).
Among the report's findings:
A copy of the report can be accessed here.
A fact sheet on H.R. 763 can be accessed here.
The Energy Innovation and Carbon Dividend Act will help reduce U.S. carbon pollution by 90% by 2050 compared to 2016 levels. This would be achieved by pricing carbon at $15 per metric ton of CO2e and increasing the price by $10 every year. The Treasury Department would return 100% of the net revenue back to the American people, a policy highlighted by a Treasury Department report as helping lower- and middle-income families.
"The country is looking for aggressive and effective approaches to the climate change crisis. Our plan, which has the strongest support in Congress of any carbon fee proposal, would achieve outcomes that would drastically reduce our country's carbon emissions and transform the nature of our energy sector," Congressman Deutch said. "For my colleagues looking for a market-based approach to significantly curb carbon emissions without burdening lower- and middle-income Americans with the costs, this bipartisan bill is it."
Congressman Rooney stated, “Those industries that choose to pollute our environment should bear the burden of cleaning it up. Putting a price on carbon will level the economic playing field in the energy sector, unlock market-driven innovation, and lead to the deployment of low, zero, and negative carbon technologies. It will help create millions of new jobs and slash U.S. carbon emissions dramatically, making it a powerful tool for curbing climate pollution. The Energy Innovation and Carbon Dividend Act will provide the greatest reduction in carbon emissions and do it with zero net cost to hard working families. It is the right path forward for America.”