Thursday, December 13, 2007

Bloomberg: "Carbon tax should replace carbon trading"

From Newsday:

New York Mayor Michael Bloomberg, at a U.N. climate conference drawing hundreds of emissions traders, said Thursday the growing carbon cap-and-trade industry is vulnerable to "special interests, corruption, inefficiencies," and should be replaced by straight carbon taxes.

Speaking of global warming, Bloomberg said, "Most experts would agree that the way to solve the problem is with a carbon tax."

...That in turn has given rise to a multibillion-dollar global industry of brokers, analysts and project managers dealing in such carbon credits and "green" projects that produce them....MORE

HT: Ecological Economics