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A climate change text book for our peers : Comments
By Graham Young, published 15/10/2013Accepting expert opinion at face value is a failure of due diligence and dereliction of duty, constituting negligence in a public official.
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You have allowed your own opinion about carbon pricing to enter and detract from your otherwise excellent article.
While carbon pricing seemed like a good idea in the euphoria leading up to the Copenhagen Conference, it could never have succeeded. This explains why: http://jennifermarohasy.com/2013/08/why-the-ets-will-not-succeed-peter-lang/
In short, unless there is near full participation of all countries and all GHG emissions sources within all countries, the cost penalty to the participants is so high as to be prohibitive. So it cannot succeed - as is being shown by the failing EU ETS, the failed Chicago Carbon Exchange and the soon to be repealed Australian carbon tax and ETS.
The EU carbon ETS included only 45% of the EU's GHG emissions. If the most developed countries in the world can only manage 45% participation, there is clearly next to no chance of rolling out a carbon pricing system across all 195 countries with 80% participation or more. Even if it could be started it would have to be maintained for many decades or centuries. It has to be uniform and tightened frequently and across all countries and all emissions sources in unison. It is impracticable. It is the wrong approach. It won't succeed. The sooner the carbon pricing idea is dropped the better
Furthermore, the assumptions that underpin the economic analyses used to justify carbon pricing are suitable for an academic exercise but totally unrealistic for as real world application.
Please see the link for details.