Letter below was submitted to the Star Ledger on 03-08-21
Editor:
Thank you for the excellent editorial by Tom Moran on March 7. He outlined present efforts in Congress to enact badly needed climate legislation, with focus on work of Rep. Frank Pallone, Chair of the House Energy and Commerce Committee.
Rep. Pallone is quoted with regard to a carbon tax that “it’s time to try something new.” I agree. Below are key features of something new to try: a system of Carbon Fee and Dividend (CFD).
[1] Put gradually rising fees on fossil fuels at their sources. Divide fee revenue into equal shares and distribute them each month to members of the public as dividends. CFD is a revenue-neutral price on carbon.
[2] Rising prices on fossil fuels will send price signals throughout the economy and encourage conservation of energy and moves to clean energy.
[3] CFD is a simple program that can be implemented quickly at relatively low cost.
[4] Decisions on how to reduce use of fossil fuels will be made by actors in the private sector: consumers and members of the business community.
[5] All of us can participate in the program to ReEnergize America and drive greenhouse gas emissions towards zero by 2050.
Bill Allen 03-08-21