James Baker: There is a better way to reduce carbon emissions | Opinion
The EPA’s rush to phase out gas and coal plants comes as brownouts and blackouts increase in size and frequency. Last month, the North American Electric Reliability Corporation warned that 165 million people across massive swaths of the United States and Canada could face energy shortfalls during periods of extreme heat this summer if weather conditions reduce solar and wind power production.
To understand the potential ripple effects of this approach, look to Germany. In its zeal to move quickly to renewable energy — including shuttering its nuclear plants — Germany made itself hostage to Russia for almost 40% of its natural gas supply, just when war in Ukraine broke out. Our plan calls for a fee on all carbon emissions in the United States, an approach that most economists and many Democrats agree is the most efficient and effective way to reduce such pollution.
The carbon fee works because it establishes a predictable price signal, letting all fuels and technologies compete based on which can reduce emissions at the lowest cost. This allows for long-term planning and rational investment decision-making that ensure we decarbonize while maintaining a reliable grid.
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