President Barack Obama’s decision to get his domestic climate policy in order has created a rare opportunity for international climate policy.
When he was first elected, Obama dared Congress to either enact market-based climate legislation or face executive action through Environmental Protection Agency regulation. So challenged, Reps. Henry Waxman and Ed Markey quickly moved their bill through the House, but the legislation stalled in the Senate.
The new president never threw his full weight behind the Senate bill, and its failure may have doomed cap-and-trade legislation in the United States for good.
Many in Washington are now talking about the advantages of a carbon tax, which could be swapped for income tax, corporate tax, or deficit reduction.
Read the full op-ed