Practical Climate Change Policy: A Sensible Middle-Of-The-Road Alternative Exists Between the Defective Kyoto Protocol and Do-Nothing Policy‪.‬

Global climate change policy has reached a stalemate. Europe, Canada, and Japan have ratified the Kyoto Protocol, but it now appears that Russia probably will not, and the Bush administration has ruled out U.S. participation. The treaty puts no obligations on developing countries to curb their rapidly growing emissions. Even if Russia joins and the Kyoto Protocol takes effect, the absence of the world's largest greenhouse gas (GHG) emitters--the United States and China--means that Kyoto will have little impact on future climate change. If the European Union (EU) and other countries proceed with a rump version of the Kyoto regime, it will accomplish even less. Although bills in the Senate and action by the states continue to inch along, the impact of local policies on a global problem is doubtful. Neither of the polar options typically posed for U.S. policy--join Europe in the Kyoto Protocol or stay out and do nothing--is satisfactory. It's time for a new, more pragmatic approach. Smart climate policy does not have to choose between extremes. A pragmatic climate policy would balance benefits and costs, heed warnings without being panicked, recognize uncertainty without being paralyzed, employ economic incentives to accomplish results cost-effectively, and learn from experience with regulatory design. It would engage key countries in a new regime parallel to the Kyoto Protocol (or an adaptation of Kyoto led by the EU) that would allow us to test and evaluate international climate regulation over time instead of making an all-or-nothing choice today.