With Climate Change, Obama Should Fake it Till He Makes it

Financial Times Editorial Board argues that “… unless the US can show it is serious about putting a price on carbon, it will have little chance of bringing the rest of the world along.”

“Washington still refuses to act on the principle that prevention is cheaper than cure. Part of its reluctance comes from the boiling frog syndrome. Most Americans accept that global warming is happening. Yet they chafe when confronted with the higher bills they would have to pay to avert it.”

“Next month the EPA will issue new rules limiting power plant emissions …  Rule-based economics is certainly less efficient than market signalling. But if the framework is intelligent – and avoids picking technological winners – it can simulate many of the benefits of an actual carbon market.”

“The White House lacks the power to set up a carbon market in the US – and the authority to tell other countries to do so. But the more Mr Obama acts as though a carbon market is inevitable, the sooner it is likely to happen.”

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