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Attachment 5 A motion was made by Alderman Slade, seconded by Alderman Haven-O'Donnell, that this resolution be approved. A Resolution Stating the Town of Carrboro's Support for Implementing a Price on Carbon in a Manner that does not Absolve Carbon Emitters from Responsibility and Regulation WHEREAS, there is a scientific consensus that greenhouse gas emissions are the primary cause of global climate change, and that climate change is a crisis demanding immediate measures to reduce its negative effects; and WHEREAS, climate change is a threat to public health, national security, food security, and business supply chains, and societal costs of inaction are significant and outweigh the temporary economic impacts associated with the energy transition; and WHEREAS, assigning a cost to greenhouse gas emissions is one of the most efficient ways to discourage consumption of fossil fuels and encourage development of alternatives; and WHEREAS the urgent need to transition from fossil fuels can be accomplished with a market— based program, namely a revenue-neutral carbon fee-and-dividend; and WHEREAS such an instrument would encourage consumers and the market to replace their consumption of carbon based energy with innovative energy sources, whether by being more efficient or by choosing other, less carbon intensive energy sources; and WHEREAS, this revenue-neutral carbon fee-and-dividend is an effective method to reduce carbon emissions for the following reasons: 1. The fee would motivate everyone to conserve and to adopt renewable energy without the need for extensive governmental regulatory controls or infrastructure; 2. The fee would employ a free market approach to encourage innovative processes, not only in energy production, but also in every other field in which energy is consumed, e.g. electric cars, mass transportation, architectural planning and construction,water heating, lighting and air conditioning in residential and commercial buildings; 3. Levying the fee at the point of production would be more efficient, less expensive and provide more accurate price signals than would doing so at the points of consumption; 4. The fee would incentivize the development and use of alternative energies and attendant technologies; 5. Because the fee is levied on the same basis on all businesses, it is fairer to every business and easier to administer than alternatives, such as a cap and trade system; and