And now for the good news on climate change.
First, an excerpt from the New York Times yesterday. We join Bono, a contributing columnist at the Times, as he’s setting out a list of 10 ideas that might make the next 10 years “more interesting, healthy or civil” – ideas which “have little in common with one another except that I am seized by each, and moved by its potential to change our world.” Here’s number 3:
In the recent climate talks in Copenhagen, it was no surprise that developing countries objected to taking their feet off the pedal of their own carbon-paced growth; after all, they played little part in building the congested eight-lane highway of a problem that the world faces now.
One smart suggestion I’ve heard, sort of a riff on cap-and-trade, is that each person has an equal right to pollute and that there might somehow be a way to monetize this. By this accounting, your average Ethiopian can sell her underpolluting ways (people in Ethiopia emit about 0.1 ton of carbon a year) to the average American (about 20 tons a year) and use the proceeds to deal with the effects of climate change (like drought), educate her kids and send them to university. (Trust in capitalism — we’ll find a way.) As a mild green, I like the idea, though it’s controversial in militant, khaki-green quarters. And yes, real economists would prefer to tax carbon at the source, but so far the political will is not there. If it were me, I’d close the deal before the rising nations want it backdated.
Bono just endorsed contraction and convergence – a big deal, for three reasons. (more…)