Climate Change: Biden Should Establish a Carbon Price Benchmark
In an op-ed for the Hill, University Fellow Joe Aldy makes the case for a $50/ton carbon price.
"A carbon price benchmark — which could be set initially at $50 per ton and rise over time — would reflect the benefits of reducing the pollution causing climate change. Biden would ensure that decision-makers across government rigorously consider the benefits of mitigating climate change in their every action. Explicitly accounting for the climate impacts of their decision-making would deter them from moving forward with activities that impose significant climate damages. Moreover, the benchmark creates incentives for ingenuity and innovation — as a performance metric, it will encourage agencies to explore new ways of delivering their services while contributing to the fight against climate change."
