We know what we need to do to reduce greenhouse gas emissions. How to implement those actions economically is still a question. A second question is whether we can spend now to avoid spending more later - think World War III but with all nations fighting a common enemy, ourselves.
That you don't know what you've got ‘til it’s gone; They paved paradise; And put up a parking lot
Nobel winning economist William Nordhaus developed his Dynamic, Integrated Climate Economics model to consider the economic impacts of climate change and provide cost-benefit analyses of alternative policy decisions.
In practice, the scheme has a mixed track record. Because carbon emissions are directly related to economic activity, recessions can cause caps not to be binding upon the market and the value of the credits plummets to zero. Credit trading creates a cottage industry of intermediaries and speculators whose interests are not aligned with the goal of carbon reduction. Self-reporting of carbon emission and enforcement of the caps can confound market transparency.
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