Carbon Polluting Companies Prepare for Emissions Tax
Photo courtesy of Shutterstock
The writing is on the wall—and the financial books—for some of the nation's largest companies and carbon polluters.
Environmental data firm CDP's latest report shows that at least 29 companies anticipate the government forcing them to pay for carbon pollution. That list includes Walmart and Duke Energy.
“It’s climate change as a line item ... It drives internal decision-making," Tom Carnac, North American president of CDP, told the New York Times.
“Companies see that the trend is inevitable. What you see here is a hardening of that understanding.”
Examples in the report include ExxonMobil, which is assuming a cost of $60 per metric ton by 2030. BP already uses $40 per metric ton.
Companies that aren't in the utility or oil industries are also planning to pay, including companies like Google, which has been a leader in renewable energy investment in recent years. Google estimates using $14 per ton based upon an actual auction price in California’s cap-and-trade, which was upheld in court last month.
Companies can't be sure when a carbon tax might be legislated, but they're taking a better-safe-than-sorry approach, even if their financial and political backers deny climate change and oppose laws that fight global warming.
"Ultimately, we think the government will take action through a myriad of policies that will raise the prices and reduce demand [of fossil fuels]," ExxonMobil spokesman Alan Jeffers said. "We’re going to say and do what’s in the best interest of our shareholders,” he said. “We won’t always be on the same page.”
Walt Disney Co., General Electric Co (GE). and Delta Air Lines are among the others who told CDP they were budgeting for an emissions tax. GE is an example of a company that already pays for carbon pollution in the European Union.
“ExxonMobil and many other large companies understand that climate change poses a direct economic threat to their businesses,” said Dan Weiss, director for climate policy at the Center for American Progress.
“They need to convince their political allies to act before it’s too late.”
Visit EcoWatch’s CLIMATE CHANGE page for more related news on this topic.
By Grayson Jaggers
The connection between the pandemic and our dietary habits is undeniable. The stress of isolation coupled with a struggling economy has caused many of us to seek comfort with our old friends: Big Mac, Tom Collins, Ben and Jerry. But overindulging in this kind of food and drink might not just be affecting your waistline, but could potentially put you at greater risk of illness by hindering your immune system.
- 15 Indigenous Crops to Boost Your Immune System and Celebrate ... ›
- 15 Supplements to Boost Your Immune System Right Now - EcoWatch ›
- Should I Exercise During the Coronavirus Pandemic? Experts ... ›
- The Immune System's Fight Against the Coronavirus - EcoWatch ›
EcoWatch Daily Newsletter
As the world continues to navigate the line between reopening and maintaining safety protocols to slow the spread of the coronavirus, rapid and accurate diagnostic screening remains critical to control the outbreak. New mobile-phone-based, self-administered COVID-19 tests being developed independently around the world could be a key breakthrough in making testing more widely available, especially in developing nations.
- FDA Approves First In-Home Test for Coronavirus - EcoWatch ›
- When Should You Get a COVID-19 or Antibody Test? - EcoWatch ›
- Trump Plans to End Federal Funding for COVID-19 Testing Sites ... ›
- Trump Insider Embeds Climate Denial Into Agency Reports ... ›
- Climate Denier Is Named to Leadership Role at NOAA - EcoWatch ›
New Jersey is one step closer to passing what environmental advocates say is the strongest anti-plastic legislation in the nation.
Did you know that nearly 30% of adults do, or will, suffer from a sleep condition at some point in their life? Anyone who has experienced disruptions in their sleep is familiar with the havoc that it can wreak on your body and mind. Lack of sleep, for one, can lead to anxiety and lethargy in the short-term. In the long-term, sleep deprivation can lead to obesity, diabetes, and cardiovascular disease.
Fortunately, there are proven natural supplements that can reduce insomnia and improve quality sleep for the better. CBD oil, in particular, has been scientifically proven to promote relaxing and fulfilling sleep. Best of all, CBD is non-addictive, widely available, and affordable for just about everyone to enjoy. For these very reasons, we have put together a comprehensive guide on the best CBD oil for sleep. Our goal is to provide objective, transparent information about CBD products so you are an informed buyer.