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Curb Climate
Change: Put a
Price on Carbon
Climate change
presents
massive threat
 US GDP lost to climate change will
likely equal $44 trillion by 2060
 Without action, average annual
temperatures in the Northeast could
rise between 5.3 degrees and 9.1
degrees Fahrenheit by 2071
 Boston and other New England
communities are likely to see about a
25 percent higher increase in sea level
rise than other areas
 A recent study found a connection
between the timing of extreme
warming in the Arctic and the worst
weather in the U.S.
State action is
required to
meet emissions
reductions
goals
 Many businesses are already taking
individual action, but it is not enough
 State-based policy solutions are
necessary in order to keep warming
below 2 degrees C
 All New England states have set
significant emissions reductions targets
and need comprehensive policies across
all sectors to meet them
 The Carbon Costs Coalition, a group of
legislators from 9 states, is working to
pass market-based climate policies,
like a price on carbon, that reduce
emissions, promote regional
cooperation, and create jobs
What is a
carbon price?
 A carbon price internalizes the cost of
greenhouse gas emissions by assigning a
monetary value to each ton emitted
 The price can be implemented at
different points throughout the supply
chain
 Revenues can be returned to citizens
and businesses through dividends to
help offset higher prices and/or
invested to further reduce emissions,
promote resiliency, and create jobs
Benefits of a
carbon price
Reduce
emissions
1
Promote fair
competition
2
Spur
innovation and
job creation
3
Rep. Jennifer
Benson
State Representative Jennifer
Benson has served in the Massachusetts
House of Representatives since 2009,
and currently serves as the Chair of the
Joint Committee on State
Administration and Regulatory
Oversight. In addition to chairing the
Committee, Representative Benson
sits on the National Board of
Directors for Women In Government.
This session, she filed ambitious carbon
pricing legislation that has gained more
than 50 cosponsors and the support of
leading environmental and energy
advocacy organizations.
CARBON FEE: LEGISLATION
An Act to promote green infrastructure, reduce
greenhouse gas emissions, and create jobs (H.1726) –
Sponsored by Rep. Jennifer Benson
 Puts an initial fee of $20/ton on carbon dioxide, raises it to $40/ton
over 4 years
 20% of fees go into a Green Infrastructure Fund for use in
transportation, clean energy projects, and climate change
preparation
 80% of fees go back to consumers and employers, with
protections for low and moderate income households
CARBON PRICING: REBATES
H.1726 rebates 80% of fees back to consumers and
employers, with protections for low and moderate
income households
 Low and moderate income households would receive higher rebates
 Rural residents dependent on cars would receive higher rebates
 Employers’ rebates would be based on their number of employees
 Most business sectors would come out about even
 Businesses that face strong competitive pressures from outside the state
would receive higher rebates
 Consumers and employers can spend this rebate on anything, but the hope is
that they will spend some of it on energy efficiency improvements
CARBON PRICING: GREEN INFRASTRUCTURE FUND
H.1726 puts 20% of revenue into a Green
Infrastructure Fund
 Fund would be spent on infrastructure and green energy projects
 Transportation
 Climate change resiliency
 Energy efficiency
 Would raise approximately $250 million per year
 Communities with median incomes in the bottom 33% would receive at
least 1/3 of investments
CARBON PRICING: WHY REVENUE POSITIVE?
Massachusetts is struggling to meet the emissions
reduction targets set by the Global Warming Solutions
Act (GWSA) of 2008
 1990 benchmark is 94 million metric tons of CO2 equivalent (MMTCO2e)
 We’re on track to meet 2020 target of 25% reduction below 1990 levels
 <71 MMTCO2e
 We’re in danger of missing 2050 target of 80% reduction below 1990 levels
 <19 MMTCO2e
 To meet the 2050 target, Massachusetts needs to take bold action
 A revenue positive carbon price that puts a significant amount of resources
into renewable energy projects can be part that bold action
DOWNTOWN BOSTON 2018
SCITUATE, MASSACHUSETTS 2018
CARBON PRICING: THE EVIDENCE
Study found that British Columbia’s carbon fee has cut emissions
by about 10% since 2008
 Study also found there have been no negligible effects on the economy1
Since RGGI was formed in 2009, emissions from electricity
generation in RGGI states have been cut by almost 50%
 At least half of this reduction is directly attributable to RGGI2
Harvard University study estimates that introducing a carbon fee in
MA would save hundreds of lives and $2.9 billion in health care
costs by 20403
A study estimates that if a national carbon fee were established, in
just 10 years, the benefits would be:4
 2.1 million more jobs
 33% reduction in carbon emissions
1. British Columbia’s Revenue-Neutral Carbon Tax. Duke University and the University of Ottawa, 2015.
2. Why Have Greenhouse Emissions in RGGI States Declined? Duke University, 2015.
3. Air Quality and Health Co-Benefits of a Carbon Fee-and-Rebate Bill. Harvard University, 2017.
4. Economic, Climate, Fiscal, and Power Impact of a National Carbon Tax. Regional Economic Models,
Inc. (REMI), 2014.
State Representative Sarah Copeland-
Hanzas represents Orange County’s 2nd district in
the Vermont state legislature. She owns a small
business in Bradford, The Local Buzz Café, and is
a former public school teacher. Rep. Copeland-
Hanzas was first elected in 2004, and she is the
lead sponsor of H.791, a proposal to put a price on
carbon refunded through electricity bills, in the VT
House.
REP. SARAH
COPELAND-HANZAS
Business Leaders
Environmentalists
Low-Income
Advocates
Policymakers
ESSEX Collaborators
0
2
4
6
8
10
12
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
MMTCO2e
Vermont GHG Emissions 1990-
2050:
Actuals, Trend and Goals
Paris Goal
Comprehensive Energy Plan Goal
Statutory Goal
Actuals Trend
Vermont vs. U.S. Emissions, 2013
Transportation
42%
R/C/I
(Heating)
28%
Electricity
9% Transportation
27%
R/C/I
(Heating)
24%
Electricity
31%
0
10
20
30
40
50
60
70
80
Per-capita electric power sector generated emissions,
2015
metric tons carbon dioxide per person
$1,056
$438
$-
$200
$400
$600
$800
$1,000
$1,200
Gasoline
($2.64/Gal)
GMP
($0.1564/kWh)
Cost/10,000 miles in Vermont:
25 mpg Internal Combustion Engine vs 0.28 kWh/mile EV
0%
50%
100%
150%
200%
250%
300%
350%
400%
Vermont Electricity: Predictable &
Stable
Percentage Change in Gasoline & kWh Rates Since 1994
Gasoline Electricity
• LOWER ELECTRICITY BILLS
• LOW-INCOME AND RURAL EQUITY
• A STRONGER ECONOMY
• CLEANER AIR
GOALS
STRATEGIC ENERGY EXCHA
PRICE
CARBON POLLUTION
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
SLASH
ELECTRIC BILLS
LOWER ELECTRICITY BILLS
Business Rebates
50%
Per kWh Rebates
25%
Low-Inc Rebate
12.5%
Rural Rebates
12.5%
Residential Rebates
50%
Sales
MONTHLY REBATES
A STRONGER ECONOMY
$$$
CURRENT ESSEX
0
2
4
6
8
10
12 1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
MMTCO2e
ESSENTIAL FOR MEETING OUR GOALS
Actuals Trend
• LOWER ENERGY BILLS
• LOW-INCOME AND RURAL EQUITY
• A STRONGER ECONOMY
• CLEANER, HEALTHIER AIR
OUTCOMES
Questions?
 For more information or to
join our coalition of
businesses working to put a
price on carbon, go to
carbonprice.asbcouncil.org
 Email Eliza Kelsten,
ekelsten@asbcouncil.org

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Curb Climate Change: Putting a Price on Carbon

  • 1. Curb Climate Change: Put a Price on Carbon
  • 2. Climate change presents massive threat  US GDP lost to climate change will likely equal $44 trillion by 2060  Without action, average annual temperatures in the Northeast could rise between 5.3 degrees and 9.1 degrees Fahrenheit by 2071  Boston and other New England communities are likely to see about a 25 percent higher increase in sea level rise than other areas  A recent study found a connection between the timing of extreme warming in the Arctic and the worst weather in the U.S.
  • 3. State action is required to meet emissions reductions goals  Many businesses are already taking individual action, but it is not enough  State-based policy solutions are necessary in order to keep warming below 2 degrees C  All New England states have set significant emissions reductions targets and need comprehensive policies across all sectors to meet them  The Carbon Costs Coalition, a group of legislators from 9 states, is working to pass market-based climate policies, like a price on carbon, that reduce emissions, promote regional cooperation, and create jobs
  • 4. What is a carbon price?  A carbon price internalizes the cost of greenhouse gas emissions by assigning a monetary value to each ton emitted  The price can be implemented at different points throughout the supply chain  Revenues can be returned to citizens and businesses through dividends to help offset higher prices and/or invested to further reduce emissions, promote resiliency, and create jobs
  • 5. Benefits of a carbon price Reduce emissions 1 Promote fair competition 2 Spur innovation and job creation 3
  • 6. Rep. Jennifer Benson State Representative Jennifer Benson has served in the Massachusetts House of Representatives since 2009, and currently serves as the Chair of the Joint Committee on State Administration and Regulatory Oversight. In addition to chairing the Committee, Representative Benson sits on the National Board of Directors for Women In Government. This session, she filed ambitious carbon pricing legislation that has gained more than 50 cosponsors and the support of leading environmental and energy advocacy organizations.
  • 7. CARBON FEE: LEGISLATION An Act to promote green infrastructure, reduce greenhouse gas emissions, and create jobs (H.1726) – Sponsored by Rep. Jennifer Benson  Puts an initial fee of $20/ton on carbon dioxide, raises it to $40/ton over 4 years  20% of fees go into a Green Infrastructure Fund for use in transportation, clean energy projects, and climate change preparation  80% of fees go back to consumers and employers, with protections for low and moderate income households
  • 8. CARBON PRICING: REBATES H.1726 rebates 80% of fees back to consumers and employers, with protections for low and moderate income households  Low and moderate income households would receive higher rebates  Rural residents dependent on cars would receive higher rebates  Employers’ rebates would be based on their number of employees  Most business sectors would come out about even  Businesses that face strong competitive pressures from outside the state would receive higher rebates  Consumers and employers can spend this rebate on anything, but the hope is that they will spend some of it on energy efficiency improvements
  • 9. CARBON PRICING: GREEN INFRASTRUCTURE FUND H.1726 puts 20% of revenue into a Green Infrastructure Fund  Fund would be spent on infrastructure and green energy projects  Transportation  Climate change resiliency  Energy efficiency  Would raise approximately $250 million per year  Communities with median incomes in the bottom 33% would receive at least 1/3 of investments
  • 10. CARBON PRICING: WHY REVENUE POSITIVE? Massachusetts is struggling to meet the emissions reduction targets set by the Global Warming Solutions Act (GWSA) of 2008  1990 benchmark is 94 million metric tons of CO2 equivalent (MMTCO2e)  We’re on track to meet 2020 target of 25% reduction below 1990 levels  <71 MMTCO2e  We’re in danger of missing 2050 target of 80% reduction below 1990 levels  <19 MMTCO2e  To meet the 2050 target, Massachusetts needs to take bold action  A revenue positive carbon price that puts a significant amount of resources into renewable energy projects can be part that bold action
  • 13. CARBON PRICING: THE EVIDENCE Study found that British Columbia’s carbon fee has cut emissions by about 10% since 2008  Study also found there have been no negligible effects on the economy1 Since RGGI was formed in 2009, emissions from electricity generation in RGGI states have been cut by almost 50%  At least half of this reduction is directly attributable to RGGI2 Harvard University study estimates that introducing a carbon fee in MA would save hundreds of lives and $2.9 billion in health care costs by 20403 A study estimates that if a national carbon fee were established, in just 10 years, the benefits would be:4  2.1 million more jobs  33% reduction in carbon emissions 1. British Columbia’s Revenue-Neutral Carbon Tax. Duke University and the University of Ottawa, 2015. 2. Why Have Greenhouse Emissions in RGGI States Declined? Duke University, 2015. 3. Air Quality and Health Co-Benefits of a Carbon Fee-and-Rebate Bill. Harvard University, 2017. 4. Economic, Climate, Fiscal, and Power Impact of a National Carbon Tax. Regional Economic Models, Inc. (REMI), 2014.
  • 14. State Representative Sarah Copeland- Hanzas represents Orange County’s 2nd district in the Vermont state legislature. She owns a small business in Bradford, The Local Buzz Café, and is a former public school teacher. Rep. Copeland- Hanzas was first elected in 2004, and she is the lead sponsor of H.791, a proposal to put a price on carbon refunded through electricity bills, in the VT House. REP. SARAH COPELAND-HANZAS
  • 17. Vermont vs. U.S. Emissions, 2013 Transportation 42% R/C/I (Heating) 28% Electricity 9% Transportation 27% R/C/I (Heating) 24% Electricity 31%
  • 18. 0 10 20 30 40 50 60 70 80 Per-capita electric power sector generated emissions, 2015 metric tons carbon dioxide per person
  • 20. 0% 50% 100% 150% 200% 250% 300% 350% 400% Vermont Electricity: Predictable & Stable Percentage Change in Gasoline & kWh Rates Since 1994 Gasoline Electricity
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  • 22. • LOWER ELECTRICITY BILLS • LOW-INCOME AND RURAL EQUITY • A STRONGER ECONOMY • CLEANER AIR GOALS
  • 23. STRATEGIC ENERGY EXCHA PRICE CARBON POLLUTION FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 SLASH ELECTRIC BILLS
  • 25. Business Rebates 50% Per kWh Rebates 25% Low-Inc Rebate 12.5% Rural Rebates 12.5% Residential Rebates 50% Sales MONTHLY REBATES
  • 28. • LOWER ENERGY BILLS • LOW-INCOME AND RURAL EQUITY • A STRONGER ECONOMY • CLEANER, HEALTHIER AIR OUTCOMES
  • 30.  For more information or to join our coalition of businesses working to put a price on carbon, go to carbonprice.asbcouncil.org  Email Eliza Kelsten, ekelsten@asbcouncil.org