Editor’s note: This commentary is by Rep. Curt McCormack, a Democrat who represents the Burlington 6-3 district in the Vermont House of Representatives.
[I] would like to thank the governor for sounding the alarm regarding climate change in his vtdigger commentary: “Vermont Should Divest in Coal and Exxon Mobil Stock.” Unfortunately, while reminding us that we have a lot to do and that “we must do more,” the only action he mentions is divesting stock in coal companies and in a particular oil company for years of lying about climate change, Exxon Mobil.
I agree that we should only make socially responsible investments, which would not include oil and coal companies. That’s why I co-sponsored legislation to divest in all oil companies and will vote for it should it make it to the House floor. Unfortunately, the governor presents his limited fossil fuel company divestment – coal and ONE oil company – as a measure to avoid catastrophic climate change.
While politically easier for sure – creating an enemy, we can all rally against out of our frustration with the meager actions taken to date to mitigate climate change, the real enemy is not the companies who mine, refine and ship fossil fuels to market. It’s the market – us. While Exxon Mobil was lying, others, far more reputable bodies with nothing to gain, such as the United Nations, NASA and countless science research institutions all around the world including our own University of Vermont, were telling the truth. And this did not and continues not to have, much impact on Exxon Mobil’s customers’ purchases, does it?
The leadership we need from the governor now to combat climate change and show other states and the world how it can be done, is a fully funded, expansion of building weatherization programs and working with our neighboring states to shift sales and other taxes to carbon pollution pricing so that we return to the good trends mentioned above.
Indeed, after a good, decade-long run of increasing share of small car purchases and increasing Amtrak ridership, the price of gasoline has dropped enough that large vehicle sales are up again and Amtrak ridership, nationwide, has stopped growing. There has never been a better time to institute a carbon pollution tax. The reversal of the positive trends demonstrates more than anything else, that a carbon tax would work.
The governor had an opportunity to propose measures that actually reduce Vermont’s greenhouse gas emissions and provide the leadership so sorely needed in the climate debate. He delivered his proposed budget to the Legislature today. Unfortunately, there is nothing at all regarding carbon pricing. After two straight years of effective cuts, he proposes to level-fund, at the reduced level, the Low-income Weatherization Program. This is one of the most effective programs we have for reducing greenhouse gas emissions with the extra benefits of reducing fuel costs for low-income Vermonters, making their homes, for the first time, comfortable and employing a higher than normal amount of local workers per dollar invested.
The leadership we need from the governor now to combat climate change and show other states and the world how it can be done, is a fully funded, expansion of building weatherization programs and working with our neighboring states to shift sales and other taxes to carbon pollution pricing so that we return to the good trends mentioned above.
Divesting from fossil fuel companies may make us feel good, I know it makes me feel good. But it does not reduce our greenhouse gas emissions by one ounce. Making our buildings efficient, shifting our sales taxes to carbon taxes, developing in city, town and village centers, halting sprawl and expanding public transit, does. I hope the governor returns to these real strategies to leave a real legacy.
