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Addressing Climate Change: Executive Summary

Addressing Climate Change: Executive Summary

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Published by Climate Task Force
Executive Summary of Rob Shapiro's study: Addressing Climate Change Without Impairing the U.S. Economy.

Visit www.climatetaskforce.org for more information!
Executive Summary of Rob Shapiro's study: Addressing Climate Change Without Impairing the U.S. Economy.

Visit www.climatetaskforce.org for more information!

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Categories:Types, Research
Published by: Climate Task Force on Jul 09, 2009
Copyright:Attribution Non-commercial

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07/16/2009

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 A new study authored by Dr. Robert Shapiro, formerUnder Secretary of Commerce for Economic Affairs,along with Drs. Nam Pham and Arun Malik, hasanalyzed the environmental and economic conse-quences of adopting a politically-acceptable approachto carbon-based taxes. By applying a new tax to theuse of energy based on its carbon content andreturning 90 percent of the revenues in tax relief forthe people and businesses using the energy andpaying the tax, the U.S. can reduce CO
2
emissionsto levels consistent with protecting the climate andoffset the tax-related costs for most Americans.The remaining 10 percent of the revenues would bededicated to accelerating climate-related researchand development and support for the broaddeployment of climate-friendly technologies.The study employed the National EnergyModeling System (NEMS), the model also usedby the Department of Energy for its forecasts, toestimate the environmental and economic conse-quences over the next 20 years of applying acarbon tax strategy that recycles its revenues for taxrelief, and compared the results to those projectedunder “business-as-usual” conditions by the EnergyInformation Agency (EIA). A carbon-based tax that would reduce U.S. carbondioxide emissions consistent with a long-term pathto safe levels would require a charge of about $50per metric ton of CO
2
(2005 dollars). Introducing thecarbon-based charge gradually would move business-es and households to prefer less carbon-intensive fuels,use less energy-intensive technologies and products,and conduct their businesses and lives in other waysthat use less energy. The model found that a tax risingfrom $14-per ton of CO
2
in 2010 to $50 per-ton in2030 would generate about $4 trillion in revenuesover 20 years, of which nearly $3.6 trillion could bereturned to households and businesses. Theserecycled revenues would be sufficient to reduce, onaverage, the annual payroll tax rate for workers andbusinesses by a total of two percentage points. It alsowould reduce CO
2
emissions at least as sharply as
 Addressing Climate Change Without Impairing the U.S. Economy •
Executive Summary
Figure 1.NEMS Estimates of CO
2
Emissions under the Carbon-Based Tax Programand Two Cap-and-Trade Proposals, 1990-2030
8,000No Action7,5007,0006,5006,0005,5005,000
   1   9   9   0   1   9   9   2   1   9   9  4   1   9   9   6   1   9   9   8   2   0   0   0   2   0   0   2   2   0   0  4   2   0   0   6   2   0   0   8   2   0   1   0   2   0   1   2   2   0   1  4   2   0   1   6   2   0   1   8   2   0   2   0   2   0   2   2   2   0   2  4   2   0   2   6   2   0   2   8   2   0   3   0
Carbon TaxBingaman-Specter(S.1766)Lieberman-McCain(S.280)
TheEconomicsandEnvironmentalScienceofCombiningaCarbon-BasedTaxandTaxRelief
AddressingClimate Change
Without Impairing the U.S. Economy:
The U.S. Climate Task Force

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