Yesterday, Christine Lagarde, Managing Director of the IMF, launched the latest book in a series on what good fiscal policy should look like in a world of environmental externalities. The message was clear: Ministers of finance and economics should design their tax systems skillfully so as to tax bad things, like pollution and congestion, rather than good things like work and profit. Not to do so is plain bad economics.
A new report from the International Monetary Fund (IMF), Getting Energy Prices Right: From Principle to Practice, argues that the costs of coal, natural gas, gasoline, and diesel fail to account for these fuels’ environmental and social impacts—such as greenhouse gas emissions, air pollution, and traffic deaths.
Setting prices that reflect these side effects—through taxes, licensing, or cap-and-trade systems—could reduce deaths from fossil fuel-related air pollution by 63 percent, decrease global carbon dioxide emissions by 23 percent, and generate revenues totaling about 2.6 percent of global GDP.
Where do U.S. power sector emissions come from? And how have they changed over time?
Today, WRI released an update of its U.S. state GHG emissions data via CAIT 2.0, our climate data explorer. These and other data provide valuable context in light of the EPA's newly proposed emissions standards for U.S. power plants.
The EPA's proposed rule to cut carbon pollution from power plants is a critical step in avoiding the worst consequences of global warming. Without significant reductions from the power sector—America’s largest source of greenhouse gas emissions—the country cannot meet its goal of reducing its emissions 17 percent below 2005 levels by 2020. EPA’s proposal provides a flexible framework that puts those reductions within reach.
Here’s a look at how the proposed rule would impact states and the future of U.S. climate action.
WASHINGTON—Today, the Obama Administration released the first national standards to limit carbon dioxide emissions from existing power plants. These standards are the next step in implementing the U.S. Climate Action Plan to address the growing threat of climate change. The proposal would put in place emission cuts of 30 percent by 2030 compared to 2005 levels.
President Obama announced the first-ever National Climate Plan for the United States in June 2013. Under the plan, the U.S. Environmental Protection Agency (EPA) will set carbon pollution...
WRI analysis finds that Arkansas can reduce its CO2 emissions 39 percent below 2011 levels by 2020. These reductions could meet moderately ambitious standards for existing power plants in the near- to medium-term.
WRI analysis finds that Tennessee can reduce its CO2 emissions 41 percent below 2011 levels by 2020. These reductions would meet or exceed ambitious EPA power plant emissions standards.