US President Joe Biden has shown his commitment to tackling the climate crisis; in his first three months in office, he has rejoined the Paris Agreement, ended a controversial oil pipeline, suspended fossil fuel leases on public land, proposed unprecedented investment in clean energy and started to reverse many of his predecessor’s climate regulatory rollbacks. However, there is one policy that is missing from Biden’s climate overhaul policies- a carbon price.

What is Happening?

Joseph Majkut at the Niskanen Center, a Washington-based think-tank, says, “You’re allowing market actors to respond to incentives and the idea is that they will do that very efficiently.”

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Majkut says, “Fiscal policy is something that can be more durable, long term and less subject to legal and administrative challenges and risks. And we think it can help, under certain conditions, to resolve the political challenges of securing ambitious climate action.” 

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