Extreme weather events, exacerbated by the climate crisis, as well as the continued use of fossil fuels and their impacts on public health, is estimated to cost the U.S. economy at least $240 billion a year from 2007-2017. Furthermore, unmitigated climate change has been found to potentially reduce global GDP by over 20 percent by 2100.
In 2019, top business leaders from across the U.S. — representing more than 2.8 million employees globally — lobbied Capitol Hill to put a price on carbon pollution. It was one of many indications that businesses, big and small, are beginning to recognize that an economy-wide price on carbon is the most efficient and cost-effective way to achieve necessary emissions reductions and protect our economy and the planet.
Benefits of pricing carbon pollution:
- With a price on carbon, Gross Domestic Product (GDP) increases by $70 to $85 billion from 2020 on, with a cumulative increase of $1.4 trillion after 20 years.
- National employment increases by 2.1 million jobs after 10 years, and 2.8 million after 20 years.