HomeCarbon NewsCarbon Tax Being Discussed in the United States

Carbon Tax Being Discussed in the United States

Democratic Senator Ben Cardin from Maryland stated there is support in the Senate to institute a carbon tax. The discussions come as the EU and China have already implemented measures to curb carbon emissions

With the Glasgow Climate Change Conference is coming up in November, the U.S. has yet to announce in what direction they will move to reduce carbon emissions.

The recent report from the IPCC has concerned world leaders. Global temperature levels are increasing far quicker than expected. The limit of 1.5 degrees Celsius above pre-industrial levels is close.

The report stated if immediate action is not taken, then temperature levels will rise above what is required for normal weather.

A carbon tax would increase taxes on businesses and industries which pollute the most. Specifically, in terms of carbon emissions. This would include increasing gasoline and natural gas prices in households.

The white house has previously mentioned it is leaning towards implementing clean electricity throughout the states, rather than a carbon tax. But the impending danger of climate change may implore President Biden to create many facets to reducing carbon emissions.

Currently, Democrats have introduced laws requiring fossil fuel producers to pay into a climate fund related to the number of emissions produced.

The U.S. is the second largest emitter of carbon emissions in the world currently. Important decisions await President Biden as the climate crisis grows.

Most Popular
LATEST CARBON NEWS

Lenovo Unveils 2050 Net Zero Goal, Enters Carbon Credits Deal

Lenovo has revealed its goal to reach net zero greenhouse gas (GHG) emissions by 2050, which the Science Based Targets initiative (SBTi) approves, and...

Voluntary Carbon Credits Market Can Be Worth $1 Trillion in 2037

The total value of carbon credits traded in the market to help entities achieve their net zero goals can be worth $1 trillion as...

Amazon to Start Trading Renewable Energy in India

Amazon received the green light from Indian authorities to start trading renewable energy sources in the country. After securing a category-III energy trading license,...

UK Considers £300M Climate Bailout of British Steel

The UK government is considering a plan to channel a £300 million ($372 million) climate package to help British Steel reduce its carbon emissions...
CARBON INVESTOR EDUCATION

Abandoned Oil Wells and Carbon Credits

You’ve probably seen dozens of pictures before that look exactly like the one above. An active oil field littered with pumpjacks, all churning out oil...

Is Offsetting Carbon Worth It?

Is offsetting carbon worth it? This question has never been more controversial right now and it deserves a good answer, especially if you're into...

How Does Carbon Capture and Utilization Work?

Carbon capture and utilization technology is not only useful, but a necessary strategy to reduce atmospheric CO2 levels, and stall an increase in global...

Top 4 Carbon Stocks To Watch In 2023

Carbon stocks, credits and capture technology are getting a lot of interest from investors. Companies will attract even more capital in 2023.