February 28, 2022

Dear Mr. President,

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As you prepare for the State of the Union, we, the members of the CEO Climate Dialogue, urge you to highlight the need for climate action in your address to the nation. As a broad-based coalition of leading businesses and institutions representing multiple sectors across the U.S. economy — environmental advocacy, manufacturing, utilities, agriculture and food, energy and resources, automotive, chemicals, and financial services —we are calling on you to re-energize the discussion around climate and energy policy and to enact climate policy that puts us on the path to a sustainable and prosperous future.

 

Climate and energy-related tax incentives that are already under consideration would make historic investments in emissions reduction and significantly enhance our ability to meet the goal of achieving net zero emissions by 2050. Congress should look for a way to advance these specific provisions, as well as prioritize enactment of an economy-wide price on carbon. The Congressional Budget Office estimates a carbon price could raise more than one trillion dollars over ten years while reducing emissions by 790 million metric tons. The revenue raised by an economy-wide price on carbon could play a vital role in funding the development and deployment of innovative, emissions reducing technology and offsetting costs associated with the United States’ transition to a low-carbon economy.

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We would welcome the opportunity to engage in constructive conversations with you and your administration regarding an economy-wide price on carbon, as well as additional policies that could help meet the scope and urgency of today’s climate challenges. Areas where we believe the federal government can, and should, make progress on climate this year include:

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• Tax incentives for near-, mid- and long-term investments in low-carbon technologies that will decarbonize the power sector, electrify the transportation sector, mitigate costs for low-income communities, enhance energy efficiency throughout the economy, and strengthen our domestic manufacturing base and supply chains

• Incorporating climate and emissions considerations into trade and competition policies

• Development and deployment of Carbon Capture, Utilization, And Sequestration technology and infrastructure

• Evaluating of reforms that can facilitate the responsible siting and construction of clean energy technology and infrastructure

• Development of climate-related financial services policies that are influenced by or consistent with existing frameworks

 

The CEO Climate Dialogue sees the current opportunity to make progress on climate change as too important to waste, and we look forward to working with you to ensure significant climate action is taken this year.

 

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