As the climate bill debate heats up on Capitol Hill this week, critics are lined up on both sides of the aisle to argue against the proposed “cap and trade” legislation.  And while “The American Clean Energy and Security Act”, drafted by Representatives Waxman and Markey, may not be an ideal approach to stopping climate change, the cap and trade system may be a wise compromise to ensure that substantial climate legislation is passed.  Many environmentalists argue that a carbon tax would be more effective, and while the approach initially appealed to me, Paul Krugman’s op-ed in the New York Times changed my tune.

Paul’s article reveals how by gradually setting stricter greenhouse gas emission limits and requiring polluters to receive or buy emission permits, we would have a practical and internationally enforceable approach to curbing emissions.  He also points out that a similar cap and trade program has worked well to reduce sulfur dioxide emissions helping to control acid rain.  Those on the right that favor the fossil fuel industry or who refuse to accept the reality of climate change, will obviously do everything in their power to make cap and trade seem un-American or harmful to the economy.  In truth, the bill provides a way towards creating more green jobs to help boost our economy, while helping to ensure that there will be a healthy planet for future generations.  Cap and trade may not be the ideal way to solve all of our problems, but it’s a great start.

Photo: Phillip Ritz’s flickr photostream (creative commons)