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Carbon cap taxes are also designed to protect domestic production. If a country commits to reducing emissions internally, it risks facing higher costs for steel and cement plants and putting them at a disadvantage against foreign competitors with laxer environmental rules, for example. As a result, steel and cement production could shift overseas, upsetting climate policy as foreign factories emit the same or more carbon dioxide elsewhere.
“This law will demonstrate American leadership in the climate crisis, but we cannot be ‘Uncle Sucker’ in a place where other Chinese-led countries are taking advantage of what we would like our country to undertake,” Markey said. .
Majority leader New York Senator Chuck Schumer said he included the tariff because it “prevents other countries from polluting the environment.”
China is the world’s largest emitter of greenhouse gases that cause global warming, followed in descending order by the USA, European Union, India, Russia, Japan, Brazil, Indonesia, Iran and Canada.
Scientists have warned the world must urgently cut emissions if there is any chance of preventing average global temperatures from rising above 1.5 degrees Celsius, or 2.7 degrees Fahrenheit, compared to pre-industrial levels. This is the threshold that experts say will cause catastrophic, irreversible damage to the planet. The temperature change is not even in all parts of the world; some areas have already reached an increase of 2 degrees Celsius.
President Biden has pledged to reduce the United States’ greenhouse gas emissions 50 to 52 percent below 2005 levels by 2030. The White House did not immediately respond to a request for comment. A Senate leadership aide said the Biden administration had raised the idea of a carbon cap tax with lawmakers. Earlier this year, he came up with the idea of taxing carbon-intensive imports as part of a broader trade policy.
The budget decision has not been written yet. This work will be done by various committees in the coming months.
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