New economic study shows carbon tax refunded to households would create jobs
By Citizens Climate Lobby
Ideas get bigger when you share them...
June 9, 2014 (Investorideas.com renewable energy stocks newswire) As recent reports on the impact of climate change underscore the need to reduce greenhouse gas emissions, a new study finds that a tax on carbon can reduce those emissions while also adding jobs to the economy.
The study, conducted by Regional Economic Models, Inc., examined a tax on the carbon-dioxide content of fossil fuels. The tax would start at $10 per ton, increasing at $10 per ton each year. Revenue from the tax would be returned to households in equal shares as direct payments. Under this approach, the REMI study found that recycling the revenue back into the economy would add 2.1 million jobs over ten years. Improvements in air quality would save 13,000 lives a year. Emissions would decline by 33 percent.
"What this study shows is that by giving the revenue back to the people, a carbon tax will actually stimulate the economy," said Mark Reynolds, executive director of Citizens Climate Lobby, which commissioned the study. "The big knock on a carbon taxes has been that it would kill jobs. That assumption is now blown out of the water."
Last month, the National Climate Assessment reported that the impact of climate change is already being felt across the nation in the form of severe drought, rising sea levels, extreme weather, wildfires and heat waves. To reduce the future risk of climate change, the Obama administration last week unveiled new regulations from the Environmental Protection Agency to limit greenhouse gas emissions from power plants.
Republicans in Congress are resisting the new rules, but the recent string of victories for the EPA in the Supreme Court makes it unlikely that efforts to block the regulations will succeed.
"If Republicans don't want more EPA regulations, their best recourse is to deliver a revenue-neutral carbon tax, which is supported by conservatives from George Shultz to Greg Mankiw," said Reynolds. "With the REMI study showing a carbon tax that returns revenue to households will add millions of jobs, this is the option everyone can embrace."
Since 1980, Regional Economic Models, Inc. (REMI) has provided economic impact studies for governmental and private-sector clients including the Atlanta Regional Commission (ARC), consulting firms Booz Allen Hamilton and Ernst & Young, the Massachusetts Institute of Technology (MIT), and the Tennessee Valley Authority (TVA).
Steve Valk, 404.769.7461, firstname.lastname@example.org
A copy of the REMI study can be downloaded here
3-page summary of report from CCL Legislative Director Danny Richter here
REMI author Scott Nystrom available at email@example.com, (617) 967-0571
This news is published on the Investorideas.com Newswire and its syndicated partner network
Get free news alerts:
Sign up here
Published at the Investorideas.com Newswire - Big ideas for Global Investors
Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news as well as creates original content as a news source. Original content created by investor ideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and global syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions and advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.
BC Residents and Investor Disclaimer: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.