Damage to the ocean nearly doubles economic cost of climate change, new study finds https://abcnews.go.com/US/damage-ocean-doubles-economic-cost-climate-change-new/story?id=129202855
ILikeNeurons on January 16, 2026 2:24 pm The consensus among [scientists](https://people.uwec.edu/jamelsem/papers/CC_Literature_Web_Share/Science/CC_Science_Perspective_Rosenberg_2010.pdf) and [economists](http://policyintegrity.org/files/publications/ExpertConsensusReport.pdf) on [carbon pricing](https://en.wikipedia.org/wiki/Carbon_price) to mitigate climate change is similar to [the consensus among climatologists](http://climate.nasa.gov/scientific-consensus/) that human activity is responsible for global warming. Putting the price [upstream](https://www.wsj.com/articles/SB10001424127887323611604578396401965799658) where the fossil fuels enter the market makes it simple, easily enforceable, and bureaucratically lean. Returning the revenue as an equitable dividend [offsets any regressive effects of the tax](http://www.nber.org/papers/w9152.pdf) (in fact, [~60% of the public would receive more in dividend than they paid in tax](http://journals.plos.org/plosone/article?id=10.1371/journal.pone.0081648#s7)) and allows for a higher carbon price (which [is what matters for climate mitigation](https://www.worldscientific.com/doi/pdf/10.1142/S201000781840002X)). Enacting a [border tax](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2026879) would protect domestic businesses from foreign producers not saddled with similar pollution taxes, and also [incentivize those countries](http://ageconsearch.umn.edu/handle/205761) to enact their own. A carbon tax is [widely regarded](https://www.nature.com/articles/s41558-019-0474-0.epdf?author_access_token=tst1A-oZnQ8zUO18wGGPQdRgN0jAjWel9jnR3ZoTv0Nfy3PIgvrwnNXQzIbXH8z1Wkqhm6g5NiMnxMk__ebsKxGQNB0hMf1Vpo-ZiNplSt5LeLyks-Q3sdrpBdfxxHvAfQylqqwqHxgEml7GEGOxaQ%3D%3D) as the single most impactful climate mitigation policy. The U.S. [National Academy of Sciences, one of the most respected scientific bodies in the world, has also called for a carbon tax](https://www.nap.edu/download/21712). According to [IMF research](https://www.theatlantic.com/science/archive/2019/05/how-much-does-world-subsidize-oil-coal-and-gas/589000/), most of the $5.2 trillion in subsidies for fossil fuels come from not taxing carbon as we should. There is general agreement among economists on carbon taxes whether you consider [economists with expertise in climate economics](http://policyintegrity.org/files/publications/ExpertConsensusReport.pdf), [economists with expertise in resource economics](http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.381.484&rep=rep1&type=pdf), or [economists from all sectors](https://www.academia.edu/92064184/Consensus_among_economists_2020_A_sharpening_of_the_picture).
1 Comment
The consensus among [scientists](https://people.uwec.edu/jamelsem/papers/CC_Literature_Web_Share/Science/CC_Science_Perspective_Rosenberg_2010.pdf) and [economists](http://policyintegrity.org/files/publications/ExpertConsensusReport.pdf) on [carbon pricing](https://en.wikipedia.org/wiki/Carbon_price) to mitigate climate change is similar to [the consensus among climatologists](http://climate.nasa.gov/scientific-consensus/) that human activity is responsible for global warming. Putting the price [upstream](https://www.wsj.com/articles/SB10001424127887323611604578396401965799658) where the fossil fuels enter the market makes it simple, easily enforceable, and bureaucratically lean. Returning the revenue as an equitable dividend [offsets any regressive effects of the tax](http://www.nber.org/papers/w9152.pdf) (in fact, [~60% of the public would receive more in dividend than they paid in tax](http://journals.plos.org/plosone/article?id=10.1371/journal.pone.0081648#s7)) and allows for a higher carbon price (which [is what matters for climate mitigation](https://www.worldscientific.com/doi/pdf/10.1142/S201000781840002X)). Enacting a [border tax](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2026879) would protect domestic businesses from foreign producers not saddled with similar pollution taxes, and also [incentivize those countries](http://ageconsearch.umn.edu/handle/205761) to enact their own. A carbon tax is [widely regarded](https://www.nature.com/articles/s41558-019-0474-0.epdf?author_access_token=tst1A-oZnQ8zUO18wGGPQdRgN0jAjWel9jnR3ZoTv0Nfy3PIgvrwnNXQzIbXH8z1Wkqhm6g5NiMnxMk__ebsKxGQNB0hMf1Vpo-ZiNplSt5LeLyks-Q3sdrpBdfxxHvAfQylqqwqHxgEml7GEGOxaQ%3D%3D) as the single most impactful climate mitigation policy.
The U.S. [National Academy of Sciences, one of the most respected scientific bodies in the world, has also called for a carbon tax](https://www.nap.edu/download/21712). According to [IMF research](https://www.theatlantic.com/science/archive/2019/05/how-much-does-world-subsidize-oil-coal-and-gas/589000/), most of the $5.2 trillion in subsidies for fossil fuels come from not taxing carbon as we should. There is general agreement among economists on carbon taxes whether you consider [economists with expertise in climate economics](http://policyintegrity.org/files/publications/ExpertConsensusReport.pdf), [economists with expertise in resource economics](http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.381.484&rep=rep1&type=pdf), or [economists from all sectors](https://www.academia.edu/92064184/Consensus_among_economists_2020_A_sharpening_of_the_picture).