September 14, 2020
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.
The report found that putting an economywide price on carbon would be the most efficient way to reduce greenhouse-gas
"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.”
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