Cap and Trade or Tax and Charade October 10, 2008Posted by honestclimate in Carbon Trading.
Tags: cap and trade, Carbon Trading, climate change, global warming
Tax and Charade
by Roger Pielke, Jr
From the Science Policy blog, September 18, 2008
The New York Times had an article on the upcoming carbon dioxide auction of the Regional Greenhouse Gas Initiative (RGGI) of 10 northeastern U.S. states participating in this new cap and trade program (h/t Adam Zemel at the BT blog). The evolving performance of RGGI should add weight to the argument that cap and trade is simply not up to the challenge of reducing greenhouse gas emissions. Here is an excerpt from the NYT article:
The program is due to get off the ground in nine days, but already there are worries that it may fail to reduce pollution substantially in the Northeast, undermining a concept that is being watched carefully by the rest of the country, by Congress and by European regulators. . .
The concept has been praised by environmentalists and state officials. But the emissions cap was based on overestimates of carbon dioxide output, which has dropped sharply from 2005 to 2006 and is on a lower trajectory than anticipated.
This means that there are more emissions permits available than emissions (can you say ETS Phase 1?).
Read the rest of the article, click below link