China & India: Will devise a new Global System for curbing emissions of greenhouse gases and make it operational by 2020

Free Markets, Carbon Tax Best Way to Fight Climate Change: View - Businessweek: "The best instrument for coordinating climate-change efforts is the price of carbon. The impact of any carbon-abatement plan -- emission quotas, cap and trade, carbon taxes -- can be measured by its effect on this price. The aim should be to equalize worldwide a gradually rising price of carbon. As a matter of practical politics, this flexibility is essential. It would allow governments to more easily tailor their climate-change policies to political and economic circumstances, altering them on the run if need be. The price of carbon would provide an international gauge of their abatement efforts, so that peer pressure could be brought to bear. For most countries, the simplest and clearest way to hit the price target would be with an outright carbon tax. The economic benefits are well known: By letting markets work, a tax achieves a given amount of emissions abatement at the lowest cost. The world needs to cap its greenhouse gas emissions, but there’s no obligation to do this in the most expensive, painful or disruptive way."

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