On the issue of carbon taxes, the Pope’s Encyclical of June 2015 was clear:   “The strategy of buying and selling “carbon credits” can lead to a new form of speculation which would not help reduce the emission of polluting gases worldwide. This system seems to provide a quick and easy solution under the guise of a certain commitment to the environment, but in no way does it allow for the radical change which present circumstances require. Rather, it may simply become a ploy which permits maintaining the excessive consumption of some countries and sectors. ” Yet economists continue to take an interest: new analysis by B.Murray and Nic Rivers, released by Duke University, reviews the studies to date on the economic effects of British Columbia’s carbon tax, and discovers “little net impact” either for or against economic growth in the province. See British Columbia’s Revenue-Neutral Carbon Tax: A Review of the Latest ‘Grand Experiment’ in Environmental Policy  . And in June, the Ecofiscal Commission released a brief, The Way Forward for Ontario: Design Principles for Ontario’s New Cap-and-Trade System  which outlines four fundamental principles of good cap-and-trade design for Ontario, based on their April report.

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