MAKE THE COWBOYS PAY

Oct 18, 2023 | Climate Change

As an Eagles fan, I was raised to … strongly dislike … the Cowboys. I remember being 7 years old, sitting in the stands with my Pop on a cold winter day at Veterans Stadium in Philadelphia, watching my team beat Dallas in the 1980 NFC Championship Game. That was a good day. No one cares about sports quite so much as a small boy.

As a middle-aged man, I no longer strongly dislike the Cowboys. Now I strongly dislike their owner, smug fossil fuel billionaire – and alleged racist — Jerry Jones. And one of the reasons I strongly dislike him is that he has socialized the costs of fossil fuels and privatized the gains. When his oil wells heat the planet, we all suffer from the increases in extreme weather events – we all have to breathe the wildfire smoke and hide from the flash floods. But when he sells that oil, he keeps the profits and uses it to buy himself another ridiculous Jumbotron

So the hell with Jerry Jones. Let’s turn that around. Let’s socialize the gains and privatize the costs. I’m speaking, of course, about a carbon tax.

Let’s put a price on carbon. Canada has done it. (And they’re not the only ones.) Let’s learn from them. In Canada, corporations have to pay a tax of $65 (Canadian) per ton of CO2. AND THEN THAT TAX REVENUE IS GIVEN TO ALL THE CITIZENS OF CANADA. 

This does two things. One, it’s a nice little income stream for the people. Two, as the government raises the price of CO2, that should drive down the amount of CO2. Which will cool the planet and minimize extreme weather disasters. It worked with the ozone layer and acid rain, it should work with carbon. 

I’ve paid for gasoline because I needed to drive my car to work, and I’ve paid for TV because I wanted to watch football. Jones got rich off my money and those of millions of average Joes like me. It’s payback time. Let him pay me for a change. That’s justice. That’s good environmental policy. And that’s a good investment for me and my clients.

Because just like you can speculate on the price of any other commodity, you can speculate on the price of carbon. And Green does. Not a big allocation, because it’s a risky bet. But it’s one that has paid off thus far and will hopefully pay off into the future as governments raise the price of carbon to prevent the world from burning up. 

In investing, like in football, it doesn’t pay to be too conservative. You can’t just run the ball up the middle. Sometimes you have to be aggressive and throw it deep. 

Because we play the game to win.