September 14, 2020

The Abject Failure of Emissions Trading and Carbon Taxation

Stephen Heins

Both, a carbon tax and cap and trade, have yet to provide a single good example of working. In fact, the EU ETS has been an abject failure since its inception in 1997 and its implementation in 2009.

Also, CA's trading scheme is just another hidden tax that gets rolled into CA's general revenues or state subsidies; and, RGGI has just increased the cost of electricity without providing any real market signals, plus, it makes New England less competitive than other regions of the U.S.

As for a carbon tax, there are so many questions. Here are some of them:

1. Who is the controlling political body?
2. Who writes the rules?
3. Who determines the price point?
4. What qualifies for the tax?
5. Who decides the definition of "renewables?
6. Where is the mechanism for scientifically measuring and verifying emissions throughout the entire supply chain?
7. Who collects the money?
8. Where does the money go after it is collected?

Then, there is the political science in the noisy world of over 200 nations without a legitimate ruling body, just think the corruption of the United Nations and totalitarian rulers.

Finally, the actual implementation of technology of all things energy and its integration into the global environment is unsettled.

Climate Change Poses Major Risk to Financial Stability, Report Finds WSJ

Heath Tar­bert, the Re­pub­li-can chair­man of the CFTC, in a state­ment ac­knowl­edged cli­mate risks but noted that the re­port also refers to "tran­si­tion risks” as­so­ci­ated with gov­ern­ment ef­forts to re­duce green­house-gas
emis­sions, which can be "just as dis­rup­tive to our fi­nan­cial sys­tem as the pos­si­ble phys­i­cal man­i­fes­ta­ti on of cli­mate change.”

The re­port found that putting an econ­o­my­wide price on car­bon would be the most ef­fi­cient way to re­duce green­house-gas emis­sions, but it ac­knowl­edged pric­ing car­bon is be­yond the re­mit of fi­nan­cial reg­u­la­tors and is up to Con­gress to im­ple­ment.

"Fi­nan­cial mar­kets to­day are not pric­ing cli­mate risk,” wrote Bob Lit­ter­man.

"As we’ve seen in the past few weeks alone, ex­treme weather events con­tinue to sweep the na­tion from the se­vere wild­fires of the West to the dev­as­tat­ing Mid­west dere­cho and dam­ag­ing Gulf Coast hur­ri­canes,” said Ros­tin Behnam, a De­mo­c­ra­tic CFTC com­mis­sioner who spon­sors the ad­vi­sory panel re­spon­si­ble for the re­port. "This trend—which is in­creas­ingly be­com­ing our new nor­mal—will likely con­tinue to worsen in fre-quency and in­ten­sity as a re­sult of a chang­ing cli­mate.”

Posted by: Timothy Birdnow at 11:24 AM | No Comments | Add Comment
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