New bipartisan Senate carbon pricing bill aims to reduce emissions fasterCeres
Ceres welcomes a new bipartisan bill introduced today by U.S. Senate lawmakers that would put an increasing price on carbon pollution, reducing carbon emissions throughout the economy by 40 percent in the next decade.
The bill — the Energy Innovation and Carbon Dividend Act — introduced by Sens. Jeff Flake (R-AZ) and Chris Coons (D-DE) is a companion bill to a U.S. House bill of the same name that was introduced in November 2018.
The Senate bill is a more ambitious proposal than the House bill, with a higher initial carbon price that is expected to reduce emissions much faster, aiming for a 40 percent reduction within ten years and a 91 percent reduction by 2050. Achieving this scale of reduction would keep the U.S. on track to meet the goals of the Paris Agreement, while also strengthening the economy and creating jobs.
“The Senate bill provides further evidence that lawmakers from both sides of the aisle in both chambers are ready to step up and take action at the pace and scale that we need to avoid the worst economic and human impacts of climate change,” said Anne Kelly, senior director of policy and the BICEP Network at Ceres.
A well-designed, market-based approach to reducing emissions — such as a price on carbon — is one of the most effective and efficient way to drive reductions across the economy.
“We know that a price on carbon alone will not solve the climate challenge, but it is an essential piece of the puzzle,” Kelly added. “We are confident that the Senate carbon pricing bill is a clear signal of a growing trend toward increased bipartisan collaboration on policy solutions to address this issue.”
The urgency to scale up climate action and ambition has never been greater. As recent reports have made clear, time is running and we must act faster.
“While the impacts of climate change put us all at risk, taking immediate steps to mitigate those impacts present major economic opportunities,” said Kelly. “We applaud the lawmakers who support this bipartisan, innovative policy solution, and look forward to working with them to move this bill forward in the coming year.”
Ceres is a sustainability nonprofit organization working with the most influential investors and companies to build leadership and drive solutions throughout the economy. For more information, visit www.ceres.org and follow @CeresNews.All Press Releases