Carbon dioxide is the main greenhouse gas emitted by humans. In 2019, CO2 accounted for around 80 percent of all U.S. greenhouse gas emissions. Carbon dioxide is naturally present in the atmosphere, and human activities are altering the carbon cycle by adding more CO2 to the atmosphere and influencing the ability of forests and soils to remove and store CO2 from the atmosphere. While CO2 emissions come from a plethora of natural sources, human-caused emissions are responsible for the increase that has occurred in the atmosphere in the past century.
We already know what to do to avoid the worst impacts of the climate crisis: swiftly transition from high-polluting fossil fuels to renewable energy sources. And yet, carbon emissions still to rise. So how can we realistically reduce carbon emissions and global warming? One way is through the carbon tax, placing a tax on every ton of greenhouse gas emitted which makes cleaner alternatives economically competitive. If fossil fuels cost more, people will use less of them and turn to cheaper renewable alternatives. Taxing them is one of the fastest ways to transition towards a truly green economy in the US. In fact, the Congressional Budget Office estimates that with a tax of a mere $25 per metric ton of carbon dioxide, emissions would be 11% lower in 2028 than currently predicted. Similarly, by 2028, this tax would generate an estimated $1 trillion. This money would be extremely useful in offsetting energy costs for low-income families, funding clean energy infrastructure, and helping us adapt to climate change.
It is also important to understand that most people depend on fossil fuels to heat their houses, transport food, and commute to work. That's why it’s important that any carbon tax plan is complemented by a program to ensure that people aren't overwhelmingly hurt economically by this increase in cost of fossil fuels. For instance, the Climate Leadership Council proposes a dividend that would return a small percentage of revenue of the tax to American families. Accordingly, each family of four would receive a check for $2,000 each year. Having a plan like this is extremely crucial to trying to impose a carbon tax, since if people aren't sure if they will be financially secure through the implementation, they will not supporti .t
As of now, over 40 governments have already adopted a carbon tax in some form. And as a result, for example, in the United Kingdom, carbon emissions have fallen to their lowest level since 1890. British Columbia’s 2008 carbon tax saw emissions drop by nearly 5% as of 2015. Sweden’s carbon tax helped reduce emissions by a whopping 26% since 1990. Even if some of these numbers may not seem significant, they will have a colossal positive impact on our environment in the future if we continue to reduce emisisons and maintain the tax.
Simply put, a carbon tax is an effective idea at reducing carbon emissions, but making it a law will be difficult. It requires the political will, leadership, and public understanding of what a carbon tax does, why it’s important, and where the revenue is going in order to implement the policy effectively.