Global Climate Policy

The new debate over climate change is repeating the confusion that was prevalent in the press about the allowance allocation in the Waxman-Markey legislation in the House of Representatives.

One of the key merits of the cap-and-trade approach is that the program can provide cost-effectiveness, while achieving meaningful reductions in greenhouse gas emissions levels.

I had thought that arguments about massive "free lunches" in the energy efficiency and climate domain had long since been laid to rest. The debates in California (and some of the rhetoric in Washington) prove otherwise.