April 8, 2013, The Carbon Conundrum
U.S. President Barack Obama wants the U.S. Congress to revive a failed “cap-and-trade” bill that would put the U.S. on the road to an environmental policy – a policy departure for the country that stands out as the leading industrial power without one. Obama wants it so much he warned Congress in his recent State of the Union speech that if they failed to form a market-based solution to climate change, he would go it alone.
Actually, Obama is not “alone” among leaders in this regard: with no global agreement in sight, countries too, are already acting unilaterally to reduce carbon emissions. Carbon markets have been established in Europe, Australia, California, China and South Korea. But carbon taxes or “cap-and-trade” systems are only half of the battle, according to INSEAD Assistant Professor of Economics and Political Science, David Hemous....
The
development and growth of China over the last 15 years has been
remarkable and has had a profound impact on the global economy. However
with continued growth comes the challenge of maintaining this in the
future. China is looking to shift from being the manufacturing
powerhouse of the world to being a centre of innovation and ideas and
the 
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