The Problem With a Carbon Tax

Carbon taxes are in vogue. Economists’ predilection for price signals as the universal solution has fused with environmentalists’ impulse to punish Big Oil and Big Coal to make carbon taxes the darling of the climate change debate.

 

It’s the elegant solution climate hawks have been looking for since the death of cap-and-trade. But as Dr. Rob Gross, the Director of the U.K. Imperial College Centre for Energy Policy and Technology stated, this idea is, “so simplistic it is absurd.” Carbon taxes are doomed to fail because they do little to drive what is needed most: innovation that generates affordable clean energy that all 7 billion humans will want to adopt, not out of altruism or coercion, but out of self-interest.

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