An excise tax would give states a role in fighting climate change. Delaney
Next week the Environmental Protection Agency will take an important step in addressing the ever-increasing threat of climate change caused by greenhouse gas emissions when it releases new guidelines under the authority of the Clean Air Act. These guidelines will apply to existing power plants, which produce more than a third of the United States’ greenhouse gases.
Climate change is the environmental challenge of this generation, and it is imperative that we act before it’s too late. While some politicians argue over whether to believe scientists’ almost overwhelming consensus on climate change, the business sector is a believer and is wisely planning ahead. This year, Exxon Mobil began incorporating a price on carbon emissions into its long-term business model. Just last month , we learned that Standard & Poor’s is including resiliency to climate change in its most recent modeling for sovereign credit ratings.
Addressing climate change and positioning the United States as the leader in advanced energy should be a top priority for our country and our economy, and I applaud the Obama administration for the steps it is taking. For better or worse, however, we can expect a long period of gathering comments and revisions to the EPA’s guidelines, in addition to legal challenges.
To guarantee flexibility, Congress should pass legislation to expand the options available to states, helping us achieve our environmental goals in the most effective market-based manner. In May, I put forward the State’s Choice Act, which would give states the option of imposing a state-level excise tax on carbon emissions instead of designing and implementing an emission reduction plan mandated by the EPA.
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