Breakthroughs in renewable energy, energy storage and energy efficiency are inching us toward a low-carbon future, but far too slowly. One of the main drags is that the market prices of coal, oil and gas include almost none of the costs of carbon pollution.
Putting a price on carbon will transform energy investment, re-shape consumption, and sharply reduce the carbon emissions that are driving global warming, according to the Carbon Tax Center. This “upstream” tax would target the carbon contents of fossil fuels, including coal, oil and natural gas, as well as biofuels.
In the United States, Congress has idled on any kind of significant climate change action, and many who oppose it maintain that implementing a national carbon tax would have dire economic consequences.