The best solution for climate change is a carbon tax | The Great Debate
Global warming is happening, whether or not lawmakers on Capitol Hill want to acknowledge it. Unfortunately for the rest of us, the consequences of ignoring it are dire.
Given the already lackluster recovery, the future economic devastation from global warming looms many times larger than any “fiscal cliff.” A 2006 report from British economist Nicholas Stern estimated that if global temperatures increase 2-3 degrees Celsius in the next 50 years we risk losing up to 20 percent of global GDP – a loss similar to that of the Great Depression.
According to the world authority on the subject, the Intergovernmental Panel on Climate Change, a carbon tax on GHGs of $50 per metric ton of CO2 equivalents would be a good first step. With annual emissions of 6.8 billion metric tons of CO2 equivalents, the United States would collect $340 billion each year.
With revenue like that, a carbon tax could be used to help balance the budget.