NewEnergyNews: The Big Benefits From Pricing Carbon

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  • FRIDAY WORLD, January 14:
  • Global Leaders Name Climate Crisis World’s Biggest Risk
  • New Energy’s New Storage Options

    Wednesday, December 01, 2021

    The Big Benefits From Pricing Carbon

    EIA analysis projects carbon fees would decrease U.S. carbon dioxide emissions through 2050

    Chris Higginbotham, November 17, 2021 (U.S. Energy Information Administration)

    “Carbon fees as high as $35 per metric ton could decrease U.S. energy-related carbon dioxide (CO2) emissions by as much as 19% compared to 2020 levels…[A U.S. Energy Information Administration analysis] projects that U.S. energy-related CO2 emissions would decrease the most in the first 5–10 years but decrease at a significantly slower rate beyond that period…

    …A carbon fee is a tax implemented on the sale of fossil fuels based on the amount of CO2 emissions those fuels generate. EIA considered three levels of carbon fees for its analysis, starting in 2023 at about $15, $25, and $35 per metric ton of CO2. The fees would grow by 5% each year through 2050…EIA projects that with about a $15 carbon fee (which would increase to more than $56 in 2050), U.S. energy-related CO2 emissions would decrease 13% by 2050 over 2020 levels. About a $25 carbon fee (more than $94 in 2050) would create a 17% decrease, and an approximate $35 carbon fee (almost $132 in 2050) would create a 19% decrease over the same period…

    …[C]arbon fees would have downstream effects on the energy sector beyond emissions…[E]xisting U.S. nuclear power capacity would be less likely to retire, while renewable energy capacity would increase more rapidly…” click here for more

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