A carbon reduction solution to like
Last updated 3/3/2021 at Noon
Now that a majority of humanity agrees climate change is in crisis mode, regardless of why, we all know we need to get more done to reverse that threat to our children’s futures. There are two corrections to slow and then reverse climate change: reduce emissions of greenhouse gases (GHGs) and increase sequestration of carbon dioxide. This communique will share the best solution to reduce emissions of GHGs efficiently, effectively and with benefits to you.
The Energy Innovation & Carbon Dividend Act puts a price on carbon emissions and gives the collected funds to the people. The bill was introduced in the last two Congresses and is on track to be reintroduced in the 117th Congress this spring. Over 100 state and local governments have passed resolutions in support of a carbon fee and dividend policy.
What it does:
• Puts a price per ton on carbon emissions at the source (where mined or drilled for and importing of same) assuring the true cost of burning fossil fuel is included in the price of its use. This allows a market-driven response to the price increase. Yes, the price of fossil fuels will go up for consumers, but please, stand by to understand how that is not an issue.
• Creates a Carbon Dividend Trust Fund (CDTF) as a repository, within the U.S. Treasury, for the fees collected.
• Uses existing U.S. agencies and processes to assess, apply fees, and to disburse the CDTF funds in equal shares to U.S. citizens and legal residents. Thus, there are no new government programs.
• Every U.S. citizen, legal resident, and their children (under 19 years of age) receive(s) a monthly dividend from the fund via the IRS (one full share to adults, half-share to children).
• The CDTF monthly dividends will address the higher costs of fossil fuels. For those with low incomes, it will defray the increased cost of fossil fuels. For citizens with sufficient funds, the dividend checks may lead to investing in cleaner energy solutions at home or within their businesses.
• Farmers and ranchers are reimbursed for the increased expense of their on-farm/ranch fossil fuel usage.
• If industries apply or increase their carbon-sequestration efforts, they will receive payments or refunds as defined by the U.S. Secretary of State.
• To not double charge consumers and manufacturing, the EPA laws that currently apply fees for the same GHGs emissions as in the Energy Innovation & Dividend Act, will be on hold while the act is proven effective at driving down emissions, and if not, the EPA laws will be reinstated.
• There are border carbon adjustments, which refund U.S. exporters or importers, for any additional GHG emissions’ fees paid to other countries above the Energy Innovation & Carbon Dividend Act fees paid.
• The expense to administer the CDTF is very low; 8 percent of CDTF total per year for first five years and thereafter, not greater than 2 percent of a five-year rolling total of the CDTF.
What’s not to like?
If you want a closer look at the policy, sponsors, and statements of support, please go to www.energyinnovationact.org. Or, if you would like a more detailed presentation on the bill and comparison with cap-and-trade, please see article www.outrider.org/climate-change/articles/carbon-fee-dividend/. Urge your senators and representatives to review and pass this act. The more we speak up, the more they are aware of what we like and want. Therefore, the more likely it will become law.