Economists’ Statement on Carbon Dividends
by Pete Marsh of North State Climate Action, Nov 19, 2019
On January 16, 2019, the Wall Street Journal (WSJ) published an opinion piece titled “Economists’ Statement on Carbon Dividends.” The original statement was signed by a bi-partisan group of 48 respected economists, including the following:
27 Nobel Laureate Economists
4 Former Chairs of the Federal Reserve (All)
15 Former Chairs of the Council of Economic Advisers
2 Former Secretaries of the US Department of Treasury
Since its initial publication, the Statement has been signed by an additional 3,554 U.S. Economists (as of our last check on 11.19.2019).
The full text is a mere 274 words in 6 paragraphs, but it forms the basis of one of the most effective and politically feasible actions that the United States can take. You can read it here: Economists’ Statement on Carbon Dividends Organized by the Climate Leadership Council.
We encourage our readers to view the Statement at the link above in green. Then please take action!: Urge your U.S. Congressperson and Senators to support the related bill in the 116th Congress (2019-2020), H.R.2073, the Energy Innovation and Carbon Dividend Act of 2019, which implements a carbon fee and dividend policy.
Other Support for Carbon Fee and Dividend Policy
Climate Leadership Council
According to its website, “the Climate Leadership Council is an international policy institute founded in collaboration with a who’s who of business, opinion and environmental leaders to promote a carbon dividends framework as the most cost-effective, equitable and politically-viable climate solution.”
That who’s-who includes many large corporations, including such (at first blush) unlikely partners such as FirstSolar, one of the largest solar development companies; Shell, BP, ExxonMobil, and ConocoPhilips, four of the world’s largest oil companies; CalPine, one of the world’s largest geothermal renewable energy companies; and Ford and General Motors, two of the largest auto manufacturers. This support across many of the major energy corporations is critical, and drives home the key point that even the oil and gas industry now acknowledges that greenhouse gasses (GHG) are a critical problem for society; and that there are practical solutions.
In addition to the broad corporate support for carbon fee and dividend (CFD), there are many notable business and civic leaders who recommend CFD as the single best approach to reducing GHG:
James A. Baker, III: Secretary of State under President George H.W. Bush, Secretary of Treasury under President Reagan, White House chief of staff under both. He is a senior partner in the law firm of Baker Botts.
George P. Shultz: Secretary of State under President Ronald Reagan, and Secretary of Treasury and Labor under President Nixon. He is the Thomas W. and Susan B. Ford Distinguished Fellow at the Hoover Institution.
Rob Walton: served as chairman of the board of Walmart, the world’s largest retailer and employer, from 1992 to 2015. He is currently Chairman of the Executive Committee of Conservation International.
Martin Feldstein served as Chairman of the President’s Council of Economic Advisers from 1982 to 1984 under President Reagan. He is the George F. Baker Professor of Economics at Harvard University and President Emeritus of the NBER.
NSCA encourages readers to explore this powerful, market-based, effective policy further, and contact us if you have any questions or would like to arrange an NSCA speaker to present on this topic to your group.