Biden advisor says carbon fee on the table for climate policy By Reuters
[ad_1]
By Timothy Gardner
WASHINGTON, (Reuters) – U.S. legislators are looking at carbon pricing measures for reducing climate-warming emission, a White House advisor said Monday. This comes after Senator Joe Manchin, a centrist Democrat, opposed the key component of the bill that funds global warming.
“There are a lot more things now than people think about…climate fees are one among them, whether it’s sector-based or broad-based, all of these issues are on the table,” Gina McCarthy, White House National Climate Advisor, told President Joe Biden’s advisory council on science and tech.
McCarthy stated that Congress is currently debating the issue and that she hoped to see its resolution soon. The White House may be pushing for a carbon-fee policy, but she did not specify whether it was. A carbon fee is a cost for polluters to emit greenhouse gases. It gradually rises and encourages industries to use cleaner energy.
Biden, along with other Democrats, have tried to get forward additional measures to combat climate change through a bipartisan bill for infrastructure and a larger spending bill. This includes expanding tax credits to solar energy and encouraging electric vehicle use.
Manchin, a conservative West Virginia Democratic Democrat, has opposed the Clean Electricity Performance Plan. This bill would award power utilities that invest in renewable energy and penalize those that do not. He said taxpayer money shouldn’t be used to fund something utilities already have done.
Manchin, along with fellow Democratic centerist Senator Kyrsten Silena, have expressed opposition to the $3.5 trillion budget that Democrats plan on passing in a 50-50 split Senate.
Some legislators have supported a carbon-fee and dividend program, led by Democratic Senator Ron Wyden. This program could increase revenues for the reconciliation bill, but it would need to respect Biden’s commitment not to raise taxes for families with incomes below $400,000 each year. To avoid rising gasoline and fuel prices, a carbon fee could be also implemented.
Carbon fees are long disapproved by industry activists and may face resistance from moderate Democrats from the House, who represent states that rely on fossil fuel revenues. Congress has little time to act on climate before annual talks in Glasgow (Scotland) on October 31. Biden hopes to demonstrate to the world that America is still committed to ambitious climate action.
McCarthy stated that the executive can act on climate issues beyond Congress.
She stated that “despite what is happening on the Hill, there are many avenues in which we can continue working through our federal authorities and our partnerships with state and local communities.”
Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.
[ad_2]