High hopes that putting a price on carbon emissions would provide the most effective and politically expedient climate change policy keep getting dashed. In June, Oregon's Republican senators fled the state and hid rather than enact a carbon cap-and-trade program. Washington State citizen initiatives to pass a carbon tax have failed – twice. Even in progressive California, efforts to include a cap-and-trade program in the state's initial climate legislation failed; cap-and-trade came later, administratively rather than legislatively, and as part of a larger plan. 

Carbon pricing has an important role to play and should be a part of any comprehensive climate strategy. However, as I argue in a new CPR Issue Brief, Carbon Pricing: Essential But Insufficient, carbon pricing will not solve the climate crisis. Pricing alone is unlikely to be fully effective, would sacrifice core democratic values, and, as we've seen, may be less politically viable than once thought. Climate policies that more fully embrace the environmental and socioeconomic implications of a just transition to a green economy are more likely to provide a thoughtfully planned, deliberative, and inspiring path forward than a price sticker.

As a practical matter, a carbon price sends market signals that can create important incentives …