We can expect an abundance of rhetoric at the Democratic National Convention this week about the threat of climate change, but probably not so much about actions. There is a potentially transformational policy change missing from the conversation: a price on carbon. Our next President – regardless of political party – should work with Congress to enact carbon pricing. It will boost America’s global competitiveness, create high paying jobs, foster innovation, encourage foreign investment in U.S. companies and fund the infrastructure investment needed to address the impacts of climate change.

Not surprisingly, leading scientists support carbon pricing, a system that would impose a fee on companies that produce carbon dioxide from fossil fuels to more accurately reflect their true costs to society – ranging from air pollution in cities, to the extreme weather events increasingly experienced by all Americans. What might be a surprise is that many top economists also support carbon pricing, and for the past twenty years have agreed that a price on carbon is the most efficient and least costly way to reduce carbon emissions. In fact, carbon pricing was supported by conservative think tanks like the R Street Institute long before it became associated with progressive ideas with respect to climate change.

And we have a successful model to work from: does anyone remember acid rain? Didn’t think so, and that’s because the same kind of pricing mechanisms forces industries to change their fossil fuel burning to lower the amount of sulfur released into the atmosphere, saving thousands of lakes and rivers in the Midwest.

There is legislation pending in Congress that would transform our approach to carbon emissions, and it is ready for a vote. Under the American Opportunity Carbon Fee Act, sponsored by Senators Sheldon Whitehouse of Rhode Island and Brian Schatz of Hawaii, carbon would be taxed at $45 per ton and the funds raised would be used to reduce corporate taxes, offset payroll taxes, provide Social Security and veteran’s payouts and allow for state-directed funding to other citizens.

While our next President should prioritize carbon pricing policy, there is plenty that we in the private sector can do today to reduce our companies’ carbon emissions and “Future Proof” our enterprises. We call this “future-proofing” at DSM because we know the businesses that take these steps now are the ones that will thrive in future years as sustainability becomes required, not voluntary.

At DSM, sustainability is not a PR term, but a strategic growth driver. We use a sustainability lens to define what businesses we should acquire or divest; where we should direct research and development funds; and what new practices and technologies we can adopt to reduce our own emissions, energy usage and costs. These discussions occur not just among “C-Suite” executives, but throughout the global enterprise down to the shop floor. We also use a €50 per ton carbon price on ourselves when reviewing investment and large capital project decisions. Again, this is not just about being responsible global citizens – it is about “future-proofing” our business.

Unlike what we’ll likely hear this week at the Democratic National Convention, this is not just rhetoric in DSM – it’s tied directly to compensation. All of DSM’s nearly 400 executives’ annual bonuses and stock options have up to 50 percent of this variable pay tied to sustainability metrics such as reducing greenhouse gas emissions in our operations, to developing new products with lower carbon footprints than existing products.

If corporations are sincere about sustainability, they should embrace a price on carbon and link compensation for the senior executives directly to meeting goals such as cutting carbon emissions, and lowering water and energy use. Sustainability rhetoric not tied to remuneration quickly falls down the list of executives’ priorities, even with the best of intentions, becoming a “nice to do” rather than a “need to do.” However, in this volatile global economy, these practices are exactly what adaptive companies adopt to create sustainable competitive advantage, “Future Proofing” the organization.