Using the Energy Information Administration’s model, we tested to see how high a carbon tax would have to go to meet the Green New Deal’s emission targets. We ratcheted the tax up to $300 per ton, which dropped emissions 58% below 2010 levels—but not until 2050. That left us far short of reaching the deal’s targets, but when we tried to push the tax higher, the model crashed.
[…]we found that a $300 per ton carbon tax and associated regulations would cost a family of four nearly $8,000 per year in income lost to higher energy costs, consumer prices, and foregone wages. […] During that same 20-year period, the tax would siphon off an average of 1.1 million jobs per year and diminish gross domestic product by a total of more than $15 trillion.
Running this model, [for the Assessment of Greenhouse Gas Induced Climate Change, developed at the National Center for Atmospheric Research] we found that overhauling America’s economy—as envisioned in the Green New Deal—would abate global warming by approximately 0.2 degree Celsius by the year 2100. The reduction in sea-level rise would be less than 2 centimeters.
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