A carbon-use dividend for everybody must replace the old, ineffectual 'cap-and-trade' scheme
Last weekend's minimalist Copenhagen global climate accord provides a great opportunity. The old deceitful, ineffectual approach is severely wounded and must die. Now there is a chance for the world to get on to an honest, effective path to an agreement.
The centrepiece of the old approach was a "cap-and-trade" scheme, festooned with offsets and bribes – bribes that purportedly, but hardly, reduced carbon emissions. It was analogous to the indulgences scheme of the Middle Ages, whereby sinners paid the Church for forgiveness.
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