What's the best way to limit emissions?
This is a must-read.
Climateer Investing's regular readers know most of the arguments and if you're like me (I know I am) the failure of Europe's Capn' Trade and the potential for gaming the system tip the scales to a carbon tax.
"Is there an objective, scientific way to allocate emissions permits? Not really. The process is inherently political. Chuck Chakravarthy and John Rhoads, energy consultants for Accenture, are blunt in a January article in Public Utilities Fortnightly. “Early winners will be the companies best able to shape regulations,” they warn. They urge utility executives to lobby now for emission allocations that will position them “for maximum economic value as compared with competitors.” There’s a huge amount of money at stake. At the height of the EU carbon market, for example, the allowances were worth about $50 billion."
Ron Bailey at ReasonOnline does a magnificent job in this piece. I repeat, a must read.