The Failure of Carbon Pricing
Today Reuters did a very good piece about the failure of carbon prices to affect action on global warming. Coming out of Reuters' London Bureau:
LONDON (Reuters) - The battle to beat climate change has come down to one weapon -- the price of carbon. And analysts say it is not working.
Much lip service has been paid to cutting climate warming carbon emissions through measures such as improved energy efficiency, technological innovation, reduced demand, higher standards and carbon output restrictions.
But in most cases the vital incentive is supposed to be provided by achieving a high price for carbon, from which all else would follow. Neither has happened and time is running out.