The lack of a penalty for carbon emissions is the single biggest obstacle to a level playing field.
"A far-more efficient method is to put a price on the stuff you want less of and then let capitalism do its thing, pushing consumption away from the undesirables and investment toward innovative alternatives. Indeed, all these letters demand government officials stand back and let the market do its thing — except their version of the market leaves out one essential element.
Greenhouse gases and the threat they pose are everyone’s problem, but the individual generating them at any given moment doesn’t pay toward dealing with that. Dump your garbage on your neighbor’s lawn and you’ll wind up paying to have it removed and probably a fine, too. Release 20 pounds of carbon dioxide into the atmosphere by burning a gallon of gasoline, and it’s a freebie.
This is an enormous effective subsidy for fossil fuels and makes a mockery of market piety. Using Yale economist and recent Nobel-prize winner William Nordhaus’s $31-per-tonne estimate of the social cost of carbon, it amounted last year to $107 billion for energy-related emissions from oil and natural gas in the U.S. Within that, emissions from transportation — the biggest source in the U.S. and the only one still growing — enjoyed a free ride worth $59 billion."
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