In a major shift, the Business Roundtable recently embraced the idea that the purpose of a corporation should go beyond serving shareholders and include responsibility to the environment and the broader community. On no issue is this more true than climate policy—which affects all sectors of society, but where market prices do not internalize environmental costs. So what exactly would a pro-business, pro-environment and pro-consumer climate solution look like?

To answer this question, the broadest climate coalition in U.S. history has met in private over the past two years. Brought together by the Climate Leadership Council, of which Exelon is a founding member, this coalition includes corporate sector leaders from a range of industries, environmental nonprofits, economists and opinion leaders from across the political spectrum. The outcome of this two-year dialogue is a breakthrough plan to cut U.S. carbon emissions in half by 2035—while benefiting American businesses, workers and consumers.

Our plan is based on the concept of carbon dividends: a gradually rising fee on all carbon emissions, whose proceeds are returned directly to the American people through quarterly dividend checks. It also calls for significantly simplifying carbon regulations and a border carbon adjustment to protect and promote the competitiveness of American firms. This general framework was first introduced in these pages in 2017 by former Secretaries of State George P. Shultz and James A. Baker III.

It’s one thing to build an odd-bedfellow coalition around broad principles, quite another to refine the details of an actionable plan. That we have now done. The Council’s Bipartisan Roadmap will be released in the coming months, but we can preview here three of its salient features.

The first is our plan’s environmental ambition. It calls for a carbon fee starting at $40 a ton and increasing annually at 5% above inflation. According to modeling by the research group Resources for the Future, if implemented in 2021 the plan would achieve 50% U.S. CO2 reduction by 2035, as compared with 2005 levels. It would also exceed the 2025 U.S. commitment under the Paris agreement by a wide margin.