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ASBC Responds to National Climate Assessment

“Business carries the most responsibility for climate change and is vital to addressing it. But if the market system simply enables more and more carbon pollution, then the business community will need our government to help.” That’s part of a statement from CEO Hammad Atassi that ASBC issued in response to the National Climate Assessment released by the White House last Friday.

The statement continued, “For example, one long-overdue solution is a simple, easy-to-administer, equitable, market adjustment in the form of a government-set price on carbon. Regional and state-based carbon prices are gaining traction as a good start, but a national price on carbon such as the American Opportunity Carbon Fee Act, is needed very soon if we ever hope to slow climate change.”

ASBC supports multiple solutions for addressing climate change. For pricing carbon, it supports discussion of all proposed market-based, equitable, systems. The American Opportunity Carbon Fee Act, sponsored by Senator Sheldon Whitehouse, Senator Brian Schatz and others, would set a price equal to the mid-range of the Obama administration’s 2016 estimates of the social cost of carbon, which assesses the long-term harm from carbon pollution. Most of the fees collected would be rebated to all U.S. employees in the form of a refundable tax credit, and an additional portion would be used to help low-income and rural households. Special consideration would be given to employees transitioning to new industries and communities battling the effects of climate change.

Business leaders are asked to show their support for a federal price on carbon.

Source Author: 
Bob Keener
Source Publication Date: 
November 27, 2018