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A Climate Fix That Stephen Hawking and Exxon Both Support
A new group of industry heavyweights, including oil majors Total, ExxonMobil, Royal Dutch Shell and BP, have voiced their support for a Republican-led carbon tax and dividend plan. Individual founding members include, Michael Bloomberg, Stephen Hawking and Steven Chu.
Supporters include companies like Johnson & Johnson and General Motors and NGOs like the Nature Conservancy.
The plan is made up of four parts. As Bloomberg writes:
- A carbon tax on fossil-fuel combustion lets energy prices reflect the damage done to the climate from carbon dioxide emissions.
- Money raised by the levy is refunded monthly to taxpayers—turning distant climate benefits into immediate cash.
- A border tax on goods from countries without a carbon tax ensures that U.S. companies remain competitive.
- Finally, the U.S. safely rolls back climate regulations.
The council presented its plan, coauthored by several GOP senior statesmen, to Trump's economic adviser Gary Cohn in February.
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