Beyond Kyoto: A tax-based system for the global reduction of greenhouse gas emissions

The Kyoto Protocol represents an initial step in terms of solving the problem of global climate change. However, as with most first steps, the Kyoto Protocol must be followed by a full journey in order to reach the desired goal of preventing catastrophic global warming. The Kyoto Protocol does not lead to the necessary decline in the atmospheric concentrations of greenhouse gases, particularly because emissions of developing countries are not specifically addressed in the Protocol. We suggest a new agreement based on carbon taxes as a possibility to build upon the Kyoto Protocol and eventually freeze atmospheric concentrations at a level that prevents catastrophic climate change.