This is the absolute bottom line:
Every ounce of fossil fuel we can reach s going to be burned for energy until it is too expensive compared to the alternatives.
You can sign all the agreements you want, implement all the carbon taxes you want in the west, and this will still be true. If you doubled the price of fossil fuels in the west, all that would do is drive down the cost of it for everyone else who isn’t taxing their fuel. That would lead them to consume more of it. It may even have the perverse effect of moving manufacturing to places with lower energy efficiency, raising the carbon footprint of the product and making the problem worse.
For that reason, local carbon taxes are idiotic. Of course, many in the ‘green’ community support them anyway, because even without global warming they like the idea of taxing producers and putting more money in the hands of the government, and they like the idea of large NGOs having more power. But as a practical response to global warming, local taxes are almost completely ineffective. At best they might move the equilibrium point a little bit, at tremendous cost.
So what to do? Stimulate the development of technology that will obsolete fossil fuels. But don’t do it the stupid way by having government tax the people and shift money to cronies. Let the market do what it does best - innovate. Lower barriers to innovation. Maybe create some prizes for various breakthroughs. On the regulatory front, work to make sure that there are no barriers to adoption of new energy sources - forcing the suppliers of the power grid to accept inputs and pay for the power generated by small producers seems like a good idea.
If it were left to government to solve the problem, the fracking revolution would never have happened, and fracking is the best thing to happen with respect to global warming in a long time because natural gas emits much less CO2 per btu than do the alternative fossil fuels. And, because it’s cheaper, you don’t need to put a gun to anyone’s head to get them to use it. Coal plants are shutting down today because they can’t compete with natural gas.
My feeling is that this is a problem that will solve itself faster than any worldwide government-imposed solution could manage. If you look at the cost curves of alternative energy sources compared to fossil fuels, it would seem that we’re maybe a couple of decades away from a major transition. In the meantime, Thorium reactors and small nuclear reactors look very promising. We need to clear regulatory hurdles to develop of these technologies.
Reducing regulatory barriers to nuclear power would be a good start. China can build a new nuclear plant in 4-5 years for about $5 billion dollars. In the meantime, construction in many countries in the west has completely stalled because the regulatory, legal and resulting financial challenges are too great.
The other thing we can do is become wealthier so we can afford mitigation. Dealing with rising sea levels is easier if you’re wealthy. So let’s focus a little more on improving economic conditions that lead to the creation of wealth around the world. Free trade, lower regulatory barriers, tax systems that reward innovation and wealth creation, etc. Carbon taxes decrease wealth, and are counterproductive from that standpoint.
And by all means, keep working on getting that binding agreement on limitiing carbon with Russia, China, and India. If you can get that done, along with suitable enforcement mechanisms, then I’m willing to listen to the idea of carbon taxes in the west. But not until then. My suspicion is that you’ll never get that agreement, or if you do it will be something totally non-enforceable that will be broken the minute it becomes inconvenient, just like Kyoto was.
I also suspect that the only enforcement mechanism you could come up with that has a chance of working would involve military force - blockades and the like. So if you want to risk a nuclear war over this, that might be the way to go.