FOR IMMEDIATE RELEASE
REBATE Act would push Paris climate goals forward, CCL says
WASHINGTON, DC, DEC. 18, 2015 – Legislation to price carbon and return revenue to consumers, introduced by Rep. Jerry McNerney (D-CA), would be big step toward achieving the goals laid out in the Paris climate agreement, Citizens’ Climate Lobby said today.
McNerney’s bill, the Consumers REBATE (Rebate to ban Emissions and Boost AlTernative Energy) Act, places a fee on the carbon dioxide content of coal, oil and natural gas and returns the revenue back to consumers. The fee would start at $15 per ton of CO2 and increase by $15 per ton annually.
“Going forward after the Paris agreement, the next big step is to price carbon, and McNerney’s Consumers REBATE Act is a smart way to price carbon,” said Mark Reynolds, executive director of Citizens’ Climate Lobby.
Critics have said that pricing carbon would be a drag on the economy and kill jobs, but such arguments would not apply to McNerney’s legislation.
A study from Regional Economic Models, Inc., released by Citizens’ Climate Lobby last year, shows that the benefits of a carbon fee and dividend approach include: a 33 percent decline in carbon emissions after 10 years, 52 percent after 20 years; an increase in employment of 2.1 million jobs after 10 years; 13,000 lives saved annually after year 10; and a nearly $80 billion increase in GDP from 2020 forward.
“Cut carbon and add jobs,” said Reynolds. “What’s not to like about that? The other argument against U.S. action was that it would make no difference if we did it alone. The Paris agreement assures that the U.S. will not be acting alone. There are no more excuses. It’s time to enact solutions like this.”
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