Vermont Needs Mixed Climate Policies to Meet Ambitious Goals
Vermont's ambitious climate goals, set by the Global Warming Solutions Act of 2020, require significant cuts in greenhouse gas emissions by 2025, 2030, and 2050. A recent report by the Conservation Law Foundation (CLF) recommends a combination of moderate carbon pricing and non-pricing policies to meet these targets.
The CLF's analysis shows that Vermont's emissions have been rising since 2011 and current policies will not meet the state's statutory target of 58% below 2005 levels by 2028. Under current plans, emissions are projected to be only 14% below 2005 levels in 2028. The report suggests that a carbon-pricing-only strategy is unlikely to meet Vermont's targets without a high carbon price, which could have significant economic impacts.
The CLF recommends a mix of policies, including a moderate carbon price through a cap-and-invest program or carbon tax, along with non-pricing measures such as regulatory standards, subsidies, infrastructure investments, and education programs. This combination is expected to generate $74.7-$433.8 million in annual revenue in 2025, which can be used for per-household rebates, reducing wage income taxes, or financing non-pricing policies. The CLF argues that this integrated approach is necessary for effective and equitable emissions reduction.
The Conservation Law Foundation's report highlights the need for Vermont to adopt a mix of moderate carbon pricing and non-pricing policies to meet its ambitious climate goals. This approach is expected to generate significant revenue, reduce emissions effectively, and ensure social justice. By combining these strategies, Vermont can work towards its targets of 26-28% below 2005 levels by 2025 and 58% below by 2028.
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