The impacts of climate change and pollution are costly, but these costs are not reflected in the price of fossil fuels. Instead, they are paid by people in their health care bills, property damage, and lost crops. This amounts to a giant subsidy, or giveaway to the fossil fuel industry of about $5.3 trillion globally each year - about 6.5 percent of global GDP. Imagine if fossil fuels were priced fairly and accurately. Would we be investing more in efficient cars and buildings? Would we be moving faster to zero carbon energy sources like solar and wind? The answer is yes.
Putting a price on carbon emissions is a powerful way to incentivize clean energy by no longer pretending fossil fuels are cheap. Some 40 countries and more than 20 cities, states and regions are putting a price on carbon and are proving that it works. MICAN supports efforts that put a price on carbon and equitably distribute the dividends so that low-income populations benefit the most.
Watch this short video by one of our partner groups Citizens Climate Lobby: