Innovation Economics Can Fight Global Warming

BusinessWeek (Jun 22 2009) Cap and Trade , Carbon Tax , Emissions , Fossil Fuel

1. The U.S. House of Representatives may be on the verge of passing the most significant environmental measure since 1990. The bill, named for its sponsors, representatives Howard A. Waxman (D-Calif.) and Edward J. Markey (D-Mass.), would for the first time impose caps on carbon dioxide emissions, which contribute to global warming. It also would allow companies to buy credits from each other, permitting them to exceed their greenhouse gas limits. While the so-called cap-and-trade mechanism (or some kind of carbon pricing) is needed, it isn't enough. To really avert climate change, the government needs to adopt an explicitly green innovation policy. Unfortunately, green innovation is getting short shrift in this bill and in Washington generally. (Read Full Article)

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