Economists are virtually unanimous that a carbon fee is the best tool we have to reduce emissions at the scale and speed that is necessary to address climate change. A carbon fee works by sending powerful market signals throughout the economy, steering businesses and consumers toward a low carbon future. If implemented in 2023, this plan’s gradually rising carbon fee starting at $40/ton will cut U.S. carbon emissions in half by 2035. If emissions targets aren’t met, a safeguard mechanism would kick in to increase the carbon fee faster and get emissions reductions back on track.