Confronting the Climate Challenge: U.S. Policy Options

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Description

Without significant reductions of greenhouse gas emissions, climate change will cause substantial damage to the environment and the economy. The scope of the threat demands a close have a look at the policies capable of reducing the harm. Confronting the Climate Challenge presents a unique framework for evaluating the impacts of a range of U.S. climate-policy options, both for the economy overall and for particular household groups, industries, and regions. Lawrence Goulder and Marc Hafstead focal point on four alternative approaches for reducing carbon dioxide emissions: a revenue-neutral carbon tax, a cap-and-trade program, a clean energy standard, and an increase in the federal gasoline tax. They demonstrate that these policies―if designed as it should be―not only can achieve emissions reductions at low cost but also can steer clear of placing undesirable burdens on low-source of revenue household groups or especially vulnerable industries.

Goulder and Hafstead apply a multiperiod, economy-wide general equilibrium model that may be distinct in its attention to investment dynamics and to interactions between climate policy and the tax system. Exploiting the unique features of the model, they contrast the shorter- and longer-term policy impacts and concentrate on alternative ways of feeding back―or “recycling”―policy-generated revenues to the private sector. Their work shows how careful policy design, including the judicious use of policy-generated revenues, can achieve desired reductions in carbon dioxide emissions at low cost, steer clear of uneven impacts across household source of revenue groups, and prevent losses of profit in the most vulnerable U.S. industries. The urgency of the climate problem demands comprehensive action, and Confronting the Climate Challenge offers important insights that may assist elevate policy discussions and spur needed efforts at the climate front.

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