With climate stakeholders scrambling in the wake of the Supreme Court decision on West Virginia v. EPA at the end of the session, the biggest takeaway message is this: Congress must put its partisan differences aside to act on climate change.
And the clearest path forward is pricing carbon.
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Nationalists and Reagan conservatives could both celebrate the result of this carbon pricing. Nationalists would cheer knowing that a border adjustment of this type would result in a 9% increase in American steel sales, according to a study commissioned by the Climate Leadership Council. Similar results could be seen in other carbon-intensive product lines. Reagan conservatives would cheer knowing that this kind of market mechanism is more efficient than attempting to regulate emissions or to incentivize clean energy.
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