Moderator: If I could put forth another question, we have several people who are interested in the price on carbon issues and they mentioned that you've introduced a standalone carbon price bill, and they wonder whether you expect that that price on carbon will be put into the Omnibus bill that's expected to be introduced in several weeks.
SEn. Whitehouse: Yes, we are rewriting it updating it and improving it, as I speak, and in the next few weeks we will refile it.
00:45:18 And I do expect that a price on carbon will end up in the bill before we're done first because there's a lot of support for it in the Senate. The chairman of the Finance Committee, which has authority over that area has announced that he is trying to pull together a price on carbon that the entire Caucus can support. Our number two in the Caucus state, Senator Dick Durbin of Illinois has filed his own carbon pricing bill.
00:45:47 Senator Coons who's very closest DelawarIan to President Biden has filed a carbon pricing bill. We've got ours there're a bunch of bills and I think at the end of the day, if our target stays 1.5 degrees maximum global warming, it's very hard to get there, if you haven't priced carbon and the reason is very simple, the International Monetary Fund has calculated that the subsidy for fossil fuels in
00:46:19 the United States alone is 600 billion dollars every single year, which is a really hard hill for renewables and alternative to have to climb.
00:46:30 So you have to offset that with a price on carbon emissions in order to level the playing field for the other policies that you want to launch.
00:46:38 Study after study shows that pricing carbon emissions is the most efficient and effective single intervention and what we're going to need to do, because we waited so long is put.
Together, a whole portfolio of separate interventions that together point us to that 1.5 degrees and I think it's highly likely that price on carbon will be an element of that portfolio.