Carbon tax versus cap-and-trade
TEXT OF STORY
Lisa Napoli: As the U.N. holds meetings on climate change in New York this week and President Bush looks at how to curb emissions, today a Democratic congressman has his own on idea on how to combat global warming. From the Sustainability Desk, Marketplace’s Dan Grech has more.
Dan Grech: Michigan’s John Dingell thinks people who live in homes over 3,000 square feet shouldn’t be able to deduct interest on their mortgage. He’d also hike the gasoline tax by 50 cents, and add a surcharge to other fossil fuels.
But insiders say the prospects of Dingell’s so-called carbon tax are dimmer than an energy-saving light bulb.
Carter Roberts is president of the World Wildlife Fund:
Carter Roberts: The right solution is a cap-and-trade system, where we set a cap on future CO2 emissions and then create great flexibility in how we reach those targets.
Roberts says this approach encourages innovation that reduce emissions and don’t inconvenience consumers.
The idea is gaining momentum on Capitol Hill, where a cap-and-trade bill is in the works.
I’m Dan Grech for Marketplace.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.