A Better Way than Cap and Trade

The bitter arguments in the Senate this month over the Lieberman-Warner climate change bill, which would have required major emitters to pay for the right to discharge greenhouse gases, proved that climate change caused by humans has come to the fore of U.S. policy debates. This fact may comfort those who believe that future generations will judge us on the zeal with which we face the challenge. It may even assuage the fears of those who believe that warming will end life as we know it. But political rhetoric is unlikely to put us on a path toward solving the problem of climate change in the best possible way.