European CO2 Cuts Working

For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.


eu_Img.jpg Listen up, slacker senators. The EU’s “cap-and-trade” system for carbon dioxide is working well and has had little or no negative impact on the overall EU economy. This according to an analysis for the Pew Center on Global Climate Change by MIT researchers. They conclude that although the EU Emissions Trading Scheme (pdf) was fast-tracked 3 years ago to criticism of its wobbly start, it quickly worked out its own kinks. A. Denny Ellerman, senior lecturer in the MIT Sloan School of Management, suggests the system doesn’t need to be in perfect working order before start up. “Obviously you’re better off having things all settled and worked out before it gets started,” he said. “But that certainly wasn’t the case in Europe, and yet a transparent and widely accepted price for CO2 emission allowances emerged rapidly, as did a functioning market and the infrastructure to support it. This important public policy experiment is not perfect, but it is far more than any other nation or set of nations has done to control greenhouse-gas emissions—and it works surprisingly well.”

Okay, if I believed in the Imaginary Friend I might be inclined to say God Bless Europe. Instead, how about, thanks, and may our next president and our next Congress look to the Old World now and again for better ways to build a new one.

Julia Whitty is Mother Jones’ environmental correspondent, lecturer, and 2008 winner of the Kiriyama Prize and the John Burroughs Medal Award.

Dear Reader,

This feels like the most important fundraising drive since I've been CEO of Mother Jones, with staggeringly high stakes and so much uncertainty. In "News Is Just Like Waste Management," I try to unpack the reality we all face and how we can rise to the challenge. If you're able to, this is a critical moment to support Mother Jones’ nonprofit journalism: We need to raise $400,000 to help cover the vital reporting projects we have planned, and right now is no time to pull back.

Monika Bauerlein, CEO, Mother Jones

payment methods

Dear Reader,

This feels like the most important fundraising drive since I've been CEO of Mother Jones, with staggeringly high stakes and so much uncertainty. In "News Is Just Like Waste Management," I try to unpack the reality we all face and how we can rise to the challenge. If you're able to, this is a critical moment to support Mother Jones’ nonprofit journalism: We need to raise $400,000 to help cover the vital reporting projects we have planned, and right now is no time to pull back.

Monika Bauerlein, CEO, Mother Jones

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate