Which plan would be more effective at reducing greenhouse gas emissions?

This issue moved from another topic. The original issue can be found here

This does seem to be the debate that's taking place among certain circles of economists, and which is now leaking into the general discourse. I'm in.

fine

Reason

Although there remain serious uncertainties about the magnitude of the human role in climate change, there is a growing consensus that emissions need to be reduced.

The battle now is over how. The two leading approaches are carbon markets and carbon taxes. Surprisingly, a great many free marketeers favor higher taxes on carbon-emitting fossil fuels over a cap-and-trade carbon market, including former Federal Reserve chairmen Paul Volcker and Alan Greenspan, former chairman of President Bush’s Council of Economic Advisers Gregory Mankiw, and former Duke Energy CEO Paul Anderson. A Wall Street Journal Survey in February 2007 found that 54 percent of economists favor a carbon tax over all other approaches.

While carbon taxes are preferred by many policy analysts, proposals for carbon markets dominate Capitol Hill. For example, Senator John McCain, one of the leading Republican candidates for president, said in February that “any responsible climate change measure must have rational, mandatory emission reduction targets and timetables,” and it “must utilize a market-based, economy wide ‘cap-and-trade’ system.”

CTC’s Position: The 6 Ways A Tax Trumps A Cap

We regard carbon taxes as superior to carbon cap-and-trade systems for six fundamental reasons

A lot of economists are saying that the carbon tax might be the only way to really bring about change.  Cap and trade is starting to make it's way over to the U.S.  It would be nice resource for many people and organizations to compare stands on this issue.

As far as the evidence goes, this wording is not too bad. I cannot think of anything else though.

Okay, this probably won't work.  I just wanted to get the idea down before I pack it up for the day.  Here's a great quote coming from the CEO of the Petroleum Institute...

He claimed his industry is agnostic about the controversies surrounding global warming. “We’re not scientists or experts in that area,” he said. “But we have concluded there are sufficient signals that it’s important we get on with trying to mitigate the outcomes that may flow from path we’re on.”

He also expressed no preference for any of several potential congressional actions to limit greenhouse-gas emissions. But he also said he doubted a carbon tax would be imposed any time soon. “Most economists…say a carbon tax would be the most efficient way to maximize reductions,” he said. “But…if you talk to political advisors, that’s the last vote they’ll take.”

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