On the recordAugust 22, 2018
Mr. President, I am so grateful to join my colleague today, Senator Warren, to discuss the financial and economic risks that are posed by climate change. You have just heard the Senator from my neighboring State of Massachusetts lay out a powerful case. Given the gravity of these risks and given our recent experience of the 2008 financial crisis, we should be doing everything we can to prevent another economic meltdown. We know exactly what we need to do to mitigate these economic threats. We need to transition from polluting fossil fuels to clean, renewable energy. We can do this simply by giving renewables a fair market chance against the gigantic public subsidies on which the fossil fuel industry float. Put a price on carbon emissions so the price of the polluting product reflects its pollution costs to society. That is the economics 101 answer. The problem is that fossil fuel behemoths are desperate to duck the costs of their pollution. They want to protect this massive market failure. Why do you suppose they are the biggest special interest political force in the world? It is to do that work. Look over in the House, where just recently an army of fossil fuel lobbyists and front groups pushed through an industry-scripted resolution and declared, falsely, that pricing carbon would be bad for the American economy.…





