International Herald Tribune Editorial - Warming and your wallet

International Herald Tribune Editorial - Warming and your wallet
Copyright by The International Herald Tribune
Published: July 6, 2007


At long last, Congress is showing a willingness to confront global warming. The Senate's recent approval of higher fuel economy standards is a constructive step and key lawmakers are promising legislation this year that will, for the first time, limit the emission of greenhouse gases.

But for all the talk about warming, politicians have yet to educate their constituents about an unpleasant truth: Any serious effort to fight warming will require everyone to pay more for energy. Unless Americans understand and accept the trade-off - higher prices today to avoid calamity later - public support for real change is unlikely to build.

New taxes remain a political nonstarter, at least for now. The approach preferred by many lawmakers, businesses and environmental groups is to develop a cap-and-trade system. The government would impose a cap on the overall amount of carbon that could be emitted and at the same time allow regulated firms, like utilities and oil refiners, to buy and sell the right to those limited emissions. The big plus is that the nation would set an enforceable ceiling on carbon emissions, which would be lowered over time.

As Congress entertains several cap-and-trade bills, one fundamental point must be kept in mind. We are now using the atmosphere as a free dumping ground for carbon emissions. Unless we - industry and consumers - are made to pay a significant price for doing so, we will never get anywhere.