Media references to “putting a price on carbon” or “carbon pricing” as a means of addressing the climate crisis seem to be on the increase recently. Doing so — either by putting a carbon tax on fossil fuels or by implementing a cap-and-trade system, also known as an emissions trading system — would result in higher prices for fossil fuel-based goods and services, which would provide us with a financial incentive to reduce our carbon footprints and provide entrepreneurs with an incentive to develop less carbon-intensive products.
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