Big oil companies and other American corporations have endorsed a carbon “tax and dividend” plan that has been suggested by some elder leaders of the Republican Party as the “most efficient and effective way” to tackle climate change.
The Idea
By making energy derived from fossil fuels more expensive, the free market will move more quickly and effectively toward renewable energy and other low-carbon solutions.
Pollution or Tax Shield?Pollution Shield?
While the proposal has been touted as a free market, “conservative climate solution,” it also calls for the rolling back of Obama-era climate regulations and shields polluting companies from lawsuits over their contribution to climate change.
“It would scrap many existing pollution controls,” according to Food & Water Watch Executive Director Wenonah Hauter.
What the Idea Assumes
A market-driven approach will have the same effect in reducing emissions as regulations would.
Its Backers
Laurene Jobs, widow of Steve Jobs and philathropist, James A. Baker III and George P. Shultz, both former secretaries of state, and Henry M. Paulson Jr., a former secretary of the Treasury, Larry Summers, former Treasury Secretary under Bill Clinton. Four major oil companies, environmental groups and other leaders – see the full list. And the full ad on the Wall Street Journal.
Key Message
“We expect that when the moment is right, the companies will lend their lobbying weight to our plan,” Ted Halstead, the chief executive of the Climate Leadership Council, who also said the group did not accept or is seeking corporate contributions. It will instead seek funding from philanthropies, donors and other possible private [investing] parties.
Sources: New York Times, EcoWatch, Axios, CLC Council, Phys.org
