Exxon Pushes Carbon Tax Plan That Some Say Could Worsen Global Warming

Critics say the plan incentivizes continued use of fossil fuel.

October 11, 2018 6:59 am| , , , ,

From KUT:

Texas-based oil giant Exxon Mobil got some good press this week when it announced it was donating $1 million to a campaign to enact a carbon tax in the U.S. But many worry the tax proposal would not slow emissions quickly enough and could harm the environment through its legislative giveaways to the oil and gas industry.

Under the proposal, the Baker-Schultz Plan, companies would pay a tax on carbon dioxide they put in the atmosphere, starting at $40 a ton and increasing gradually. That money would go into a fund that compensates consumers for the higher cost of fossil fuels brought by the tax.

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