Youngkin to Withdraw From RGGI, End Carbon Tax

Source: Bacon’s Rebellion.

Something to be thankful for.

There is an “argument from externalities” which holds that taxing carbon is a viable approach to reducing CO2 emissions. I reject the argument on the basis that externalities are almost always impossible to define or quantify. Because they are vague, they invite mischievous taxation schemes and market-distorting forms of rent seeking.

To keep everybody honest, externalities should be confined to litigation wherein an aggrieved party can show actual harm.

9 thoughts on “Youngkin to Withdraw From RGGI, End Carbon Tax

  1. He may have a problem doing that by executive fiat: The RGGI agreement was passed by the legislature. In a bi-partisan manner. It was originally introduced by a Republican representative.

    It would also prove he cares little about the environment. Externalities or not.

    Liked by 1 person

  2. The aggrieved party should also be able to identify who is creating the harm and how it can be alleviated.

    Modeling shows that the RGGI, fully implemented, would have a benefit only a small fraction of the measurement error.

    Unless there is a way to impose the remedy on China, India and the developing world, the RGGI is nothing but self-destructive virtue signaling.

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      1. It really wouldn’t matter if we did, or if we stopped using fossil fuels altogether.

        The only modeled scenario that produces a dangerous warning, even if you accept the IPCC models, is the RCP8.5

        https://judithcurry.com/2015/12/13/a-closer-look-at-scenario-rcp8-5/

        The scenario is pretty much impossible economically and is based on Africa experiencing growth and industrialization equal to China today. If that were possible, what we, and Europe, do is irrelevant.

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          1. African leaders have flatly rejected that.

            Of course, they can leapfrog on energy efficiency. But unless they can get their political act together, they will develop their economies with fossil fuels just as we did.

            Like

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