“Incoming Chair Yellen can take steps to de-link economic growth from increased carbon emissions in several ways. She can include carbon emissions as an indicator necessary for national prosperity. She can make a carbon cap a part of the Fed’s operations. This could take the form of a declining number of annual allowances to banks that provide loans to the energy and oil industry. The Federal Reserve could create levers to allow for additional economic growth in low-carbon activities, while reining in high-carbon industries. Perhaps most importantly, she can harness the unique power of money creation to help people through the transition to a low-carbon economy.”
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