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It’s going to cost us to de-carbonize the economy, but apparently not near as much as ideological opponents of climate action would have the public believe.
The Congressional Budget Office’s newly-released analysis of the Waxman-Markey clean energy and climate bill, the American Clean Energy and Security Act (ACES), states that in 2020, the bill’s carbon cap-and-trade provisions will cost around $22 billion a year, or $175 on average per household
This is far below the thousands per household some opponents of the bill have claimed.
As ACES is currently written, in 2020 the cap-and-trade market will have been operation for about eight years, with 17 percent of all carbon allowances, or credits, being sold by the government, and the remaining 83 percent given away.
The give-aways will help to cut the costs being passed back to consumers, and money raised by selling emissions credits will be distributed to the public as tax breaks.
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