The debate in the United States on global climate change is shifting from whether to do something about the problem to what to do. The conventional wisdom focuses on “cap and trade,” also known as tradable emissions permits. The Kyoto protocol, for instance, has instituted a cap-and-trade system for greenhouse gases (GHGs).
The debate in the United States on global climate change is shifting from whether to do something about the problem to what to do.1 Prudent people do not want to risk unacceptable adverse economic impacts, even if they are extremely concerned about global climate change. On the other side, equally prudent people do not want to risk accomplishing too little. The debate is stymied, even though several bills on global warming have been introduced into Congress. ÂThere will be no climate change legislation coming out of my committee this year, Senator Pete Domenici (R-NM) recently announced. ÂFrankly, I don’t know how to write it, and I don’t think anybody does.Â2