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The Climate Change Trap

Publication Date: 
November 06, 2008
William Pentland

Professor Michael Wara is quoted in in an article about the problems ahead for the new Obama administration when it comes to climate change:

“It doesn’t matter whether emissions allowances are auctioned or given away freely," said Michael Wara, an assistant professor of law at Stanford Law School. "Both approaches ultimately have the same impact on cutting carbon emissions. Generally speaking, they also have the same impact on the broader economy. The only difference is who ends up with the money. We’re creating a huge asset class and different constituencies have different claims to it. Who gets the goodies? This question will drive the politics far more than the size of emissions cuts. Only legislation that answers this question in a way to the satisfaction of the stakeholders has any real chance of passing.”