climateandcapitalism.com
The Obscenity of Carbon Trading
While there are differences in emphasis and details, all four of Canada's major political parties are proposing "emissions trading" as a key component of their proposals to reduce greenhouse gas emissions. Similar schemes have been operating in Europe for some time. Kevin Smith, a researcher with Carbon Trade Watch, offers this evaluation of the European experience. by Kevin Smith In 1992, an infamous leaked memo from Lawrence Summers, who was at the time Chief Economist of the World Bank, stated that "the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable, and we should face up to that." The recently released Stern Review on climate change, written by a man who occupied the same position at the World Bank from 2000 to 2003, applies a similar sort of free market environmentalism to climate change. Sir Nicholas Stern argues that the cost-effectiveness of making emissions reductions is the most important factor, advocating mechanisms such as