CARBON PRICING ROUNDUP: MAY 4, 2019

Saskatchewan loses carbon tax challenge — what it means for the rest of Canada

 

Saskatchewan’s highest court ruled Friday that the federally imposed carbon tax is constitutional.

 

Chief Justice Robert Richards wrote in the 155-page decision that establishing minimum national standards for a price on greenhouse gas emissions falls under federal jurisdiction.

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‘Firmly committed to carbon pricing’: Government consults on post-Brexit emissions trading plans

 

Wide-ranging new consultation sets out series of proposals for carbon pricing mechanisms once the UK leaves the EU

 

With all eyes on the release of the Committee on Climate Change’s long-awaited report on the feasibility of a new net zero emission target yesterday, the government quietly provided further details on one of the key policy mechanisms that could help the it deliver more rapid emission reductions.

 

The UK government in conjunction with the Scottish Government, the Welsh Government and the Department of Agriculture, Environment and Rural Affairs in Northern Ireland, yesterday published a consultation on “the future of UK carbon pricing” setting out a series of proposals for ensuring carbon prices on heavy emitters are maintained post-Brexit.

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The Trouble with Carbon Pricing


It has a face that only economists can love?

 

We economists have long been enamored with carbon pricing. The concept is simple and sensible. If the economic damages from greenhouse gas emissions can be reflected in market prices, powerful market forces will work for, versus against, the planet.

Over the past two decades, a growing number of economists have been working to refine and elaborate on this elegant idea.

 

It’s been easy to get economists excited about carbon pricing. But political constraints and widespread public misgivings have greatly complicated the translation from economic journals to real-world policy. Here in the U.S., there have been many failed attempts. And some of the hard-won successes have not endured.

 

Given this checkered past, and in the light of the new green idealism, many are questioning whether carbon pricing has any place in domestic carbon policy. I think carbon pricing has an essential role to play. But as we economist-types work to define and advocate for this role, we have to accept (versus ignore or wishfully assume away) some inconvenient truths.

Public opinion is shifting…but not fast enough

 

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