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Commentary: Carbon tax needed to curb CO2 emissions

A map from the United Nations Environmental Programme shows relative CO2 production worldwide.

Leading climate economist argues that carbon tax would reflect true cost of global warming impacts

By Summit Voice

SUMMIT COUNTY — The oft-discussed cap and trade model for limiting carbon greenhouse gas emissions is inefficient and ineffective, according to Yale climate economist William Nordhaus, who last week advocated for supplementing or replacing cap-and-trade with a flat carbon tax that reflects the true environmental and societal costs of global warming.

Writing in the Bulletin of Atomic Scientists Nordhaus describes carbon dioxide emissions externalities, with social consequences not accounted for in the market place. They are market failures because people do not pay for the current and future costs of their emissions, he wrote. A carbon tax could be a useful means to cut budget deficits while meeting environmental objectives, he said. Continue reading

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