Press Release June 9, 2014

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F O R    I M M E D I A T E    R E L E A S E

New economic study shows carbon tax
refunded to households would create jobs

June 9, 2014 – As recent reports on the impact of climate change underscore the need to reduce greenhouse gas emissions, a new study finds that a tax on carbon can reduce those emissions while also adding jobs to the economy.

The study, conducted by Regional Economic Models, Inc., examined a tax on the carbon-dioxide content of fossil fuels. The tax would start at $10 per ton, increasing at $10 per ton each year. Revenue from the tax would be returned to households in equal shares as direct payments. Under this approach, the REMI study found that recycling the revenue back into the economy would add 2.1 million jobs over ten years. Improvements in air quality would save 13,000 lives a year. Emissions would decline by 33 percent.

“What this study shows is that by giving the revenue back to the people, a carbon tax will actually stimulate the economy,” said Mark Reynolds, executive director of Citizens Climate Lobby, which commissioned the study. “The big knock on a carbon taxes has been that it would kill jobs. That assumption is now blown out of the water.”

Last month, the National Climate Assessment reported that the impact of climate change is already being felt across the nation in the form of severe drought, rising sea levels, extreme weather, wildfires and heat waves. To reduce the future risk of climate change, the Obama administration last week unveiled new regulations from the Environmental Protection Agency to limit greenhouse gas emissions from power plants.

Republicans in Congress are resisting the new rules, but the recent string of victories for the EPA in the Supreme Court makes it unlikely that efforts to block the regulations will succeed.

“If Republicans don’t want more EPA regulations, their best recourse is to deliver a revenue-neutral carbon tax, which is supported by conservatives from George Shultz to Greg Mankiw,” said Reynolds. “With the REMI study showing a carbon tax that returns revenue to households will add millions of jobs, this is the option everyone can embrace.”

Since 1980, Regional Economic Models, Inc. (REMI) has provided economic impact studies for governmental and private-sector clients including the Atlanta Regional Commission (ARC), consulting firms Booz Allen Hamilton and Ernst & Young, the Massachusetts Institute of Technology (MIT), and the Tennessee Valley Authority (TVA).

Contact: Steve Valk, 404.769.7461, gro.y1600891520bbole1600891520tamil1600891520csnez1600891520itic@1600891520klav.1600891520evets1600891520

A copy of the REMI study can be downloaded here: https://citizensclimatelobby.org/wp-content/uploads/2014/06/REMI-carbon-tax-report-62141.pdf

4-page summary of report from CCL Legislative Director Danny Richter:

https://citizensclimatelobby.org/wp-content/uploads/2014/06/REMI-National-SUMMARY.pdf

REMI author Scott Nystrom available at moc.i1600891520mer@m1600891520ortsy1600891520n.tto1600891520cs1600891520, (617) 967-0571

  • "I'm grateful for the thousands of CCL volunteers who are open to free enterprise answers to climate change."
    Bob InglisBob InglisFormer Congressman (R-SC) and Founder of RepublicEn.org
  • "If you want to join the fight to save the planet, to save creation for your grandchildren, there is no more effective step you could take than becoming an active member of CCL."

    Dr. James HansenDr. James HansenClimate scientist and former head of the NASA Goddard Institute
  • "I support what Citizens' Climate Lobby is doing and I support your Carbon Fee and Dividend solution."
    Former Secretary of State George ShultzFormer Secretary of State George Shultz
  • "We don’t have a price on carbon. And because there is no price, we lack the information to make sound decisions."
    Dr. Katharine HayhoeDr. Katharine HayhoeAtmospheric Scientist
  • "Risks from climate change are real, and a policy of ignoring those risks and hoping for the best is inconsistent with risk management practices conservatives embrace in other, non-climate contexts."
    Jerry TaylorJerry TaylorPresident, Niskanen Center

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