“According to the Political Economy Research Institute at the University of Massachusetts, Amherst, a price of $35 per ton of carbon that increases to $75 by 2030 will raise an average of $7 billion annually while aggressively cutting emissions and driving investment in clean energy and energy efficiency.”
Crain’s New York Business magazine carried this Op-Ed by Amy Hall, director of social consciousness at Eileen Fisher on 24 January 2018…
Read the full story here: “A carbon tax for New York“
or see below as shown in Crain’s New York Business magazine-
A carbon tax for New York
This free-market solution would address climate change and foster sustainable growth
By Amy Hall
When it comes to climate change, New Yorkers are all too familiar with the threats: thousands of residents displaced due to sea-level rise, extreme weather events and the economic damage and cleanup that never seems to end.
Eileen Fisher bore witness to this damage when its Irvington, N.Y., headquarters and retail store—both just feet from the banks of the Hudson River—faced significant damage from Superstorm Sandy.
New York businesses are increasingly being hurt by climate change. The uncertainty of weather events that cause business closures, supply chain disruptions and flood damage is already impeding business operations. Some parts of New York still haven’t recovered from Sandy and Tropical Storm Irene.
As part of the Regional Greenhouse Gas Initiative, New York is a leader on climate action. But RGGI alone will not be enough to avert climate disaster.
The state needs stronger climate policy: namely, a price on carbon.
In his recently released executive budget, Gov. Andrew Cuomo missed a big opportunity by not taking steps toward this innovative solution. This year he should embrace the polluter-pays principle.
Economists on both sides of the political aisle believe a carbon price is the best solution to fight climate change. Doing so would create a free-market mechanism that is easily adaptable for businesses, residents and industry. Not only that, but a carbon price could be the catalyst to a new wave of sustainable economic growth, creating jobs and providing the certainty New York businesses need.
According to the Political Economy Research Institute at the University of Massachusetts, Amherst, a price of $35 per ton of carbon that increases to $75 by 2030 will raise an average of $7 billion annually while aggressively cutting emissions and driving investment in clean energy and energy efficiency. The institute estimates that if New York state invested $4 billion to $5 billion of the revenue in clean energy every year, 145,000 to 160,000 good-paying jobs would be created annually.
Through the use of sustainable materials, and renewing and reusing our own clothing, Eileen Fisher reduces the carbon embedded in our product. We also track and set goals for the reduction of our greenhouse-gas emissions in partnership with Native Energy. We are committed to an industry-wide Science-based Targets Initiative. And we meet regularly with members of Congress to support strong climate policy. But this is only part of the solution. A state-mandated price on carbon will ensure that all businesses do more to ensure a healthy future for ourselves and our children.
Delaying action on climate change any longer will only raise costs for businesses and consumers. By enacting a carbon price, New York would further its reputation as a national leader on climate change and as a state that is profitable for businesses.
Amy Hall is director of social consciousness at Eileen Fisher.