Environmental tariffs may be humanity's last hope for mitigating climate change, which is on course to become increasingly devastating if we do not curb our greenhouse-gas (GHG) emissions.
The most straightforward way to confront this unprecedented global threat is through a multilateral agreement that locks in a "green transition" in all (or most) countries. The key is to boost renewable-energy production while significantly reducing fossil-fuel consumption, a process that calls for coordinated policies on three fronts: regulation, subsidies for cleaner technologies (including renewables), and carbon taxes.
