8-27-08 by dugan
There’s no question that tough, enforceable reductions of carbon emissions are the only way to reduce the threat of global warming. Or that the world is heading into a market-based "cap and trade" emission credit system (Though a straight carbon tax would be more efficient, if unpalatable to the corporate world). It’s also no surprise that Fortune Magazine is doing good journalism on cap and trade. What surprises is the clarity and accessibility wrought by Fortune’s "green business" specialist, Marc Gunther.
Here are two good pieces from recent months:
A $3 trillion climate change battle
Regulating U.S. greenhouse gases will generate a lot of money. Who should get it?
Carbon finance comes of age
The cap-and-trade market for emissions – coming soon to America – is creating huge new opportunities for business.
I could argue that the pieces are too business-oriented, but what’s the point? It’s a business publication, and giving all of us a highly palatable education.
The pieces raise smart questions about how the proceeds of the sale or auction of credits should be spent, and about the risks of commoditizing credits in a global marketplace–just like mortgage securities.