Back to square one
The battle to beat climate change has come down to one weapon—the price of carbon. And analysts say it is not working…
“The price of carbon has had virtually no effect on the market so far and virtually no effect on climate change,” said Oxford University economics professor Dieter Helm.
“People like me who think the price of carbon is important don’t think it is the only thing that matters. There must be more focus on energy efficiency, more research and development and more renewable energy.
“The truth is that Europe has performed less well on carbon dioxide since the late 1990s than the United States—and Europe is inside Kyoto and has an emissions trading scheme,” he said.