Earlier this week, a group of prominent Republican policymakers put forward a new climate proposal (you can read about it here, here, and here). The approach is very interesting because it would almost certainly sharply reduce greenhouse gas emissions. It is, in my view, among the most effective proposals for reducing greenhouse gas emissions that has been offered.
The approach would start with a price of $40 per ton of carbon dioxide and that would increase over time. The revenue would be returned on a per-capita basis to the American people through a check that arrives every three months.
Putting a price on emissions makes sense. (more…)