As former leaders of our parties in the United States Senate, we know what it takes to achieve a bipartisan breakthrough in Congress. For all the talk of discord in Washington, we see the possibility of finding common ground on a divisive issue. As surprising as it may sound, climate change offers a chance for both parties to come together and deliver a victory — and cash dividends — to the American people.

Climate change is one of the great challenges of our generation. The politics of the issue have been divisive for decades and a new approach is needed to address this urgent problem.

Both Democrats and Republicans can find that solution. America has always come together at moments of crisis or opportunity, from the shadows of economic depression and world war to the promise of the technology revolution and our rise to global energy dominance. America now must marshal its political will to lead on climate as well.

There is only one lever powerful enough to solve this problem at the required scale and speed. Congress should approve legislation to place a meaningful fee on carbon-dioxide emissions that ripples through all sectors of our economy, and return the revenues it generates to the American people in the form of cash payments. We must set it high enough to encourage a turn to cleaner energy sources and accelerate our transition to a low-carbon future. If America leads on carbon pricing, the rest of the world will follow.