Willie Soon*
and David R. Legates**
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Towards a Global Carbon Regulatory Trading Scheme
In December 2009, lawmakers and representatives from around
the world, along with scientists, numerous journalists, and various celebrities
flew to Copenhagen, Denmark. For the most part, their goal was to promote
a regulatory scheme aimed at controlling
human carbon emissions by declaring the element a tradable commodity and
establishing laws and regulations to govern the trade.
The proposed regulations were premised on the flawed notion, articulated by the United
Nations Intergovernmental Panel on Climate Change (IPCC),[1]
that increasing atmospheric carbon dioxide (CO2) concentrations will
change climate dramatically and thereby cause major ecological and
economic damage.
While many scientists, including us, have observed some
changes in climate, the hypothesized dangerous consequences of rising
atmospheric CO2 are too speculative
for responsible regulatory policy. In analyzing climate policy, decision makers
should be cognizant of three key considerations regarding the impact of
projected rises in atmospheric CO2: (1) policy choices likely will
have no measurable effect on the occurrence of severe weather; (2) positive
effects on ecosystems and biodiversity are likely and should be weighed against
the negatives; and (3) carbon trading schemes (such as the one touted in
Copenhagen) are unlikely to lead to a reduction in atmospheric CO2.