Carbon pricing has the potential to become a bipartisan policy that could help address three major U.S. challenges.
Adoption of carbon prices is steadily increasing around the world — especially among U.S. allies and trading partners — with nearly 25 percent of global emissions now covered. | Andrew Caballero/AFP via Getty ImagesFrancis Rooney, a Republican, served as the U.S. Ambassador to the Holy See from 2005-2008 and as a congressman representing Florida’s 19th District from 2017 to 2021. In Congress, he was co-chair of the bipartisan Climate Solutions Caucus.
From a fiscal standpoint, carbon pricing would be an effective tool for alleviating our growing budgetary pressures. Implementing a carbon fee would generate substantial revenue,Especially as lawmakers grapple with how to address our increasingly dire fiscal outlook, carbon pricing could be the cornerstone of a bipartisan “grand bargain” deal, where conservatives can claim significant reductions in the deficit, and liberals can tout a major climate policy achievement.
It is also an effective hedge against increasingly costly natural disasters and extreme weather events. These impacts are already placing significanttypically foots a significant portion of the bill for recovery and rebuilding That’s why, after a summer of historic heat waves, wildfires and weather events, calls for the adoption of carbon pricing are increasing, even in light of the Inflation Reduction Act’s passage last year. This includes leaders in climate philanthropy — like
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