Tuesday, May 19, 2009

Flawed logic of Cap and Trade debate


Two prominent — and iconoclastic — environmentalists argue that current efforts to tax or cap carbon emissions are doomed to failure and that the answer lies not in making dirty energy expensive but in making clean energy cheap.

Hansen was right about Waxman-Markey. It will do little to reduce U.S. emissions, will transfer billions to incumbent energy interests in the form of free pollution permits, and will send billions more to timber, agriculture, and other interests, here and abroad, in the form of dubious “offsets.” But Hansen’s analysis of why climate legislation has gone so terribly off the rails is wrong.

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