We are delighted to see that the World Bank agrees that putting a price on carbon, no matter how high, cannot prevent disastrous climate change. From the RTCC blog:
Forty countries and 20 sub-national governments have adopted some form of carbon price, whether through taxation or markets.In its latest report on greening development, however, the World Bank admits “carbon pricing alone cannot solve the climate change problem”. There are “many market failures and behavioural biases that distort economies” it says – not just the failure to price in climate damage from greenhouse gas emissions.
We at CapGlobalCarbon share the understanding that a carbon tax will not be sufficient to halt climate change, yet the 5 recommendations given in the article do not make sure that the unburnable fossil fuels stay in the ground. We need to lower the rate at which fossil fuels leave the ground, not the burn-rate. CapGlobalCarbon is a mechanism that does just that: a science-based cap on the amount of fossil fuels extracted on a yearly basis.by