Bruce Cooper and Harry Hochheiser: For Earth Day, put a price on carbon

Last year, during his Earth Day Summit, President Joe Biden said, “The United States sets out on the road to cut greenhouse gasses in half by the end of this decade. That’s where we’re headed as a nation, and that’s what we can do, if we take action to build an economy that’s not only more prosperous, but healthier, fairer, and cleaner for the entire planet.”

A year later, climate legislation is stuck in the Senate, and a war in eastern Europe has changed the focus of the world. But the climate crisis will not wait. The Intergovernmental Panel on Climate Change states, “Every bit of warming matters, every year matters, every choice matters.” Passing legislation that includes a price on carbon is essential to the future of our planet.

A strong, economy-wide price on carbon is the single most powerful tool we can use to reduce carbon pollution. Such a price affects every choice made in the economy. Projections show that a price on carbon will act quickly, with tangible results in as little as nine months, eventually reducing America’s carbon pollution 50% by 2030 and putting us on track to reach net zero by 2050.

A carbon price will encourage innovation, as businesses motivated to reduce costs will work to make clean energy more abundant, affordable and reliable. Forward-looking companies are already implementing internal carbon pricing. A survey of some 6,000 large businesses on carbon pricing has revealed that more than one-third are using an internal carbon price or are planning to implement one by 2023.

A carbon price accelerates change through the power of the market, with businesses and families deciding which clean energy solutions are best, without the need for government intervention to pick winners and losers. A carbon fee will grow our economy, making America the undisputed world leader in clean energy.

New research shows that air pollution is worse for our health than health experts previously believed. Poor air quality is responsible for as many as 1 in 10 American deaths today and sickens thousands. Air quality responds quickly when we stop burning fossil fuels. Because a carbon price has a quick impact, it will start saving up to 90,000 American lives per year very quickly. Communities of color who have suffered the worst impacts of air pollution, including increased vulnerability to severe covid-19 complications, will benefit significantly. Reduced pollution will keep our families healthier at all ages, preventing 3.5 million hospital and ER visits, including 50,000 visits from children due to asthma, over the next 50 years. These changes will also make us more productive, restoring an estimated 300 million workdays that would otherwise be lost due to air pollution and the impacts of extreme heat.

A carbon price will incentivize innovation by America’s businesses, creating millions of new jobs that will transform our economy. A majority of clean energy and energy efficiency jobs are local and cannot be outsourced or automated. Businesses prefer this policy because they remain financially stable while they adjust their operations, thanks to a predictable and gradually rising price on carbon.

A carbon price is the best for America’s economy because it is the most cost-efficient way to lower America’s pollution. This policy will save the American economy $837 billion each year by 2050. Climate inaction will cost America up to 14% of its GDP by 2050.

A carbon price will also make us politically stronger and safer. Geopolitical wrangling over energy resources has been a critical element of many recent conflicts. Concerns over European access to Russian natural gas have arguably muted European responses to the Russian invasion of Ukraine. A move away from fossil fuels will reduce the power of states to use natural resources as political chips in international conflicts.

Combining a carbon price with a carbon border adjustment will encourage other countries around the world to adopt their own zero carbon initiatives. They will not be able to hide behind U.S. inaction or avoid taking action due to pressure from international trade. Both the European Union and Canada, our two largest trading partners, are in the process of implementing a carbon border adjustment, which will make our exports more expensive if we don’t enact our own.

And so, on Earth Day, we ask that you contact your member of Congress and Sens. Bob Casey and Pat Toomey, urging them to quickly pass climate legislation that includes a price on carbon. Let’s keep the planet livable.

Bruce Cooper is group leader of the Slippery Rock chapter of Citizens’ Climate Lobby. Harry Hochheiser is a member of the Pittsburgh chapter of Citizens’ Climate Lobby.