![]() ![]() In his 2020 report, Gilbert Metcalf argues that a pledge to net-zero emissions is infeasible without putting a price on carbon.However, a carbon tax, which could raise substantial revenues while also correcting market failures, is notably absent. The Biden plans offer several strategies to pay for increased spending. He underscores the varying impact of warming on social and economic outcomes and highlights the need for adaptation policies, such as preparing for climate displacement and promoting infrastructure resilience. Trevor Houser ’s 2020 AESG report documents the unequal distribution of climate-related damages, drawing on recent econometric research and climate models to project geographical changes in climate patterns.and around the world, noting that “… people of color and low-income people are more likely to live in areas most vulnerable to flooding and other climate change-related weather events.” The authors also recommend changes to climate governance in the United States, including the creation of a single, joint congressional committee to oversee all climate policy.īiden’s American Jobs Plan acknowledges that climate challenges disproportionately affect disadvantaged communities in the U.S. Embracing all four approaches will require a robust, multiyear R&D program and adoption of a stable greenhouse gas emission charge. They observe that four “climate control mechanisms” have the capacity to create a politically stable and economically sound climate policy: (1) emissions reduction (2) carbon dioxide removal (3) adaptation and (4) solar radiation modification. ![]() In their 2020 report, David Keith and John Deutch highlight the potential and necessity of technological breakthroughs to reduce carbon emissions and mitigate the effects of climate change.While emissions reduction is a necessary step, AESG authors have argued that it is only one component of the four-pronged approach that’s needed to address climate change. More than 100 countries have already pledged to achieve net-zero emissions within the next 30 years. The Biden plan recognizes the need for climate change reduction, mitigation, and adaptation policies. “ targets investments to support infrastructure in those communities most vulnerable physically and financially to climate-driven disasters and to build back above existing codes and standards.” “The President is calling on Congress to invest $35 billion in the full range of solutions needed to achieve technology breakthroughs that address the climate crisis and position America as the global leader in clean energy technology and clean energy jobs.” Some of the proposals contained in the administration’s plans are consistent with the evidence and suggestions of AESG authors some are not. We highlight 13 directly relevant AESG reports below. The Aspen Economic Strategy Group (AESG) has produced a number of reports in recent years that speak directly to the policy challenges addressed in these plans. The Biden Administration’s American Jobs Plan and American Families Plan propose over $4.1 trillion in new government spending over the next 10 years, aiming to fundamentally reshape and expand the social safety net, increase the economy’s productive potential through investments in physical and human capital, and make major public investments in green infrastructure and technology.
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