Continue Reading Below
Ben Bernanke (R), Alan Greenspan (R), Paul Volcker (D), and Janet Yellen (D), are among the 45 economists who signed a statement published in the Wall Street Journal that calls for “immediate national action” to combat climate change.
“A carbon tax offers the most cost-effective lever to reduce carbon emissions at the scale and speed that is necessary,” the statement read. “All the revenue should be returned directly to U.S. citizens through equal lump-sum rebates.”
Oil and coal businesses that release carbon into the atmosphere would be subject to a tax. The proposal calls for an initial tax of $40 per ton of emissions that would increase yearly until the emissions reduction standards are met.
The statement was organized by the Climate Leadership Council formed in 2017 and backed by corporations such as Shell, BP, ConocoPhillips and Unilever.