A recent Brookings Institute report - Why the US should establish a carbon price either through reconciliation or other legislation - nicely recaps the role of carbon pricing in reducing emissions and allowing President Biden to meet his aggressive emission reduction target: a 50% reduction from 2005 levels by the end of this decade. That’s in 9 years.

Indeed, several other tactics must be applied not only to effect the needed emission reductions but also to begin sequestering carbon and enacting adaption strategies so that we can survive the inevitable consequences of the already-changed climate. However, a price on carbon offers one of the most effective solutions as it triggers system-wide behavioral changes that will encourage a broad shift towards clean energy and to energy-efficient practices.

“…carbon pricing is the most basic and effective tool to reduce carbon emissions, as much of the world has already discovered. If the U.S. continues to stand by while others move forward with carbon pricing, it risks hampering progress towards climate mitigation goals, reducing the global competitiveness of American companies, and diminishing the credibility of its commitment to climate issues on the global stage.”

The report mentions four key benefits of a carbon price:

• It is effective climate change mitigation. It will quickly reduce emissions.

• It paves the path to a carbon border tax. It allows us to levy a border adjustment on products from countries without a carbon tax. This allows the U.S. to encourage global participation.

• It boosts and protects U.S. companies. U.S. businesses are currently at risk of having exports impacted by carbon levies when dealing with markets like the EU and Canada (countries that already price carbon).

• It allows the U.S. to lead on climate. Leadership in this space will allow us to better influence climate action across the globe.

“Currently, 64 carbon pricing initiatives have been implemented across one supranational jurisdiction, 45 national jurisdictions, and 35 subnational jurisdictions, covering over one fifth of global greenhouse gas emissions.”

The time for a carbon price is now!

Let’s work together to convince our leaders to include a carbon price in the budget reconciliation package. Take a moment to send the President a request to support this.

Visit citizensclimatelobby.org/white-house to send your email.