Letter: Reduce greenhouse gas, put money into our pockets
Unfortunately, Hawaii is not on track to achieve its goal of net negative greenhouse gas emissions by 2045, when more greenhouse gases must be sequestered than emitted.
The way things are going, we will miss the goal by a lot. We must do much more.
Fortunately, one bill in particular that the Legislature is considering would reduce greenhouse gas emission substantially. The Carbon Cashback bill (HB 760, HB 1375, SB 633, and SB 685) would put a price on the pollution emitted by fossil fuel by taxing distributors, which would reduce the use of fossil fuel. The beauty of the bill is that most families would benefit financially due to a climate rebate.
The revenues from the pollution fee would be distributed to everyone in equal shares as a climate rebate in the form of a refundable tax credit. Tourists would contribute to the pollution fee revenues, but they would not be eligible for the refundable tax credit.
A UH study shows that the great majority of individuals and families would enjoy a net financial benefit. Their refundable tax credit would be more than the higher prices they would pay as a result of the pollution fee.
Carbon Cashback would reduce greenhouse gas emissions substantially, and it would put money into the pockets of most residents. Carbon Cashback should be among a package of bills passed by the Legislature that reduce greenhouse gas emissions so we can meet our 2045 goal.
Maui and the rest of Hawaii must take a stand to bring climate change under control.
Douglas J. Hagan
Paia