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Europe Should Dump Cap-And-Trade In Favor Of Carbon Tax With Reinvestment To Reduce Global Emissions, Stephen Sewalk
Europe Should Dump Cap-And-Trade In Favor Of Carbon Tax With Reinvestment To Reduce Global Emissions, Stephen Sewalk
Washington and Lee Journal of Energy, Climate, and the Environment
It is time for the European Union to dump the EU-ETS cap-and trade system, as it is not working. By adopting a carbon tax with reinvestment, the European Union (EU) could reduce its economy-wide emissions by forty-eight percent (and emissions from buildings and utilities by sixty-five percent) within twenty years while automatically putting in place a border tax adjustment. By adopting the carbon tax with reinvestment, the EU's trading partners would be heavily encouraged to adopt the same system, thereby dramatically reducing global emissions. This adoption would occur much like the EU adopting the Value-Added Tax and 150 countries following …