Thursday, June 25, 2015

Alberta's Carbon Tax is Pocket Change to Big Oil

Calgary Nightlife
Alberta! Apparently lots of people live there? Who knew!
Alberta is raising its carbon tax to $30 a ton by 2017, but that's projected to only cut carbon emissions two percent. So basically, it’s pocket change for the oil industry because it will barely change their behavior, and the government gets millions in revenue. 

There's plenty of evidence in the states that putting a price on carbon pollution is great for state budgets without hurting state economies. California's carbon cap and trade system raised $850 million last year. Business Insider recently ranked California's economic growth second-fastest in the US, so cap and trade is not exactly crippling its economy.

In the Northeast, the Regional Greenhouse Gas Initiative just raised $85 million in its second auction of 2015. It raised $82 million in the first auction, meaning it's on pace to raise in the neighborhood of $330 million for the year, and continuing to prove that carbon cap and trade works really, really well.

Note that Gov. Chris Christie (R-NJ) pulled New Jersey out of RGGI, and now the state is having to raise taxes to make ends meet. I bet New Jersey could use those millions in easy money right about now.

Imagine how much in revenue Congress and other states are leaving on the table? It’s crazy.

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