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2016 has been the worst year for carbon emissions in 66 million years, and with Donald Trump
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as the new president-elect, that may not get better anytime soon.
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Such extreme pollution, has demanded a solution from world leaders.
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One proposed idea is called a carbon tax, and is championed by environmentalists, and
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even some conservatives.
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But what exactly is a carbon tax and could it actually work?
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Well, a carbon tax establishes a price on greenhouse gas emissions so companies are
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charged for every ton of emissions they produce.
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The idea is that the tax will incentivize companies to lower their carbon emissions
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and find new technologies that decrease their carbon needs.
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Aka empowering the marketplace to find solutions without adding more regulations.
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It’s this last point that is particularly appealing to conservatives.
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But, realistically, if companies have to pay an additional fee, chances are that energy
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costs will rise.
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One way to offset the increase in energy costs to the consumer is to make the tax, revenue-neutral.
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This means that while energy costs would rise, people would see the money returned to them
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instead of the government either via a reimbursement check or by a reduction in income taxes.
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Carbon taxes already exist in Denmark, Finland, Ireland, the Netherlands, Norway, Slovenia,
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Switzerland, and Chile.
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Sweden was the first country to institute a carbon tax and they did so back in 1991.
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Currently, it’s a tax of $150 per ton and arguably it has been the most successful at
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changing behaviors and reducing carbon emissions as it fueled new green heating technologies.
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In 2008, British Columbia, Canada instituted a carbon tax with the intention of using the
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revenue to reduce income taxes.
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But whether or not it has been successful depends on who you ask.
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Although it did appear to slightly reduce carbon emissions, critics say that the tax,
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between $10 and $30 a ton, was too low to change industry behavior.
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In fact, Oil company ExxonMobil supports a Carbon tax between $40 and $80 per ton, believing
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that stability and a regulatory environment will help them in the long term.
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So why are carbon taxes controversial?
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Well, opponents of the tax say that it would hurt country GDPs, especially developing countries
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that rely on high-emissions industries.
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And others argue that any financial benefits from the tax being revenue-neutral could actually
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benefit big business rather than low and middle class people.
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Overall the environmental community is on board with a carbon tax but there’s a heated
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debate about what to do with the tax revenues and whether they should go directly back to
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the consumer or be used to help progress to a greener economy.
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And as part of the Paris Climate Agreement, the United States has committed to reduce its
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greenhouse gas emissions by 26 to 28 percent by 2025.
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But climate change legislation has seen little progress in Congress, and with the election
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of Donald Trump, who has criticized the Paris Agreement, many are unsure the deal will remain
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in place.
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So where does that leave us?
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Still needing to figure out how to reduce greenhouse gas emissions.
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As environmentalist Bill Mckibben says, “Carbon should not flow unpriced into the atmosphere,
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any more than you should be allowed to toss your garbage in the street.”
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We at Seeker are committed to bringing you stories that will inform and inspire you.
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In this next episode, meet 24 year old Louis Bird, an inexperienced rower who embarked
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on the journey of his life across the Pacific Ocean, all to connect with the memory of his father.
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I'm coming to the place that ultimately ended my father's life.
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I hadn't prepared for the fact that it would be as difficult as it has been.
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But now, I've made a breakthrough and I feel a lot more comfortable on the boat.
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We're over halfway, I'm enjoying myself.
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Thanks for watching Seeker Daily, please make sure to like and subscribe to see new videos
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everyday.