“keeping the door to 1.5°C open” seems to involve so many moving parts, innovations, adaptations, and, yes, sacrifices, that it is hard to see how it will work without the global carbon price most economists regard as necessary.
In particular, a carbon tax simultaneously incentivizes and coordinates emissions-reduction efforts, and allocates resources accordingly, in ways that state planners simply cannot achieve.
The idea of a carbon tax remains political anathema in the United States; it briefly came to the fore in the recent budget negotiations but was dropped like a hot potato.
emerging and low-income economies ask why global climate accords do not push all countries to achieve similar levels of per capita emissions.
Because wind and solar are intermittent energy sources, there is a strong case for a renewed push to ramp up nuclear power.
Kenneth Rogoff MarketWatch 2 November 2021
Kenneth Rogoff, a former chief economist of the International Monetary Fund, is Professor of economics and public policy at Harvard University.
A carbon price should be top of the wish list at the climate talks