> should find the correct price for carbon The trouble is that we don't know the true cost of the externalities of carbon emissions until it's far to late. If

> should find the correct price for carbon The trouble is that we don't know the true cost of the externalities of carbon emissions until it's far to late. If carbon leads to climate feed backs that ultimately lead to an extinction event on the scale of the End-Permian (which is a real possibility) then it's clear that the "price" of carbon, factoring in all it's externalities, should make using hydrocarbons so expernsive we never would have propped our civilization (and species) up with them. If climate change and the other externalities of carbon emissions only mean the collapse of industrial civilization, we would find an equally prohibitive price. I'm in agreement with GP that this is mostly a failed policy. Until we see carbon emissions drop fairly dramatically this will just be shuffling around money to different people while we watch the planet heat up.