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The European Union built its approach to climate change around carbon pricing — a system that charges polluters for emissions and lets market incentives drive the transition to cleaner energy.
That framework is now being supplanted, not by a rival policy design but by two forces neither country engineered with the climate in mind: China's green technology spending and the oil price shock flowing from Donald Trump's energy agenda.
What Carbon Pricing Was Supposed to Do Carbon pricing works by attaching a financial cost to pollution.
Make fossil fuels expensive enough, the logic runs, and businesses and consumers shift toward cleaner alternatives on their own.
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