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One weird trick to fix climate change: Close the offshore wealth loophole


Electricity pylons are seen in front of the cooling towers of the coal-fired power station of energy giant RWE in Weisweiler, Germany, on January 26. Governments have long tried pricing carbon to induce companies to make the kind of serious emissions reductions actually needed to address the climate emergency.

They’ve done this by imposing a carbon tax , an additional fee for each ton of carbon dioxide emitted, or through “cap and trade” schemes, which give companies limited allowances for how much CO2 they can emit and then allow them to buy and sell those allowances to offer more flexibility.

The idea is that pricing carbon will decrease CO2 emissions over time by making polluting so expensive that companies have the incentive to find cleaner ways to operate.

However, pricing carbon hasn’t been very effective at reducing emissions by the dramatic levels needed to avert the most catastrophic effects of climate change. And taxing carbon has proven unpopular in many places in the world because it usually means people have to pay more for everyday costs.

But that hasn’t stopped governments from trying it.

Jessica F. Green, an associate professor of political science at the University of Toronto whose work focuses on global environmental […]

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