Janet Yellen supports a carbon tax, but what exactly does that mean?

US president-elect Joe Biden’s pick for treasury secretary, economist and former Federal Reserve chair Janet Yellen, has been vocal about her support for carbon taxing.

Yellen is a founding member of the Climate Leadership Council, an international policy institute with a stated mission to tax carbon as a way of reducing greenhouse gas emissions. The group is backed by energy companies including BP, ExxonMobil, and Shell.

“I do see Republican support, and not only Democrat support, for an approach that would involve a carbon tax with redistribution. It’s not politically impossible,” Yellen told Reuters in an interview in October.

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