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Wolf - Scare + Solution is the trick fo Bali Two things are needed. The first is convincing evidence that the true risks are larger than many now suppose. Conceivable feedback effects might, for example, generate temperature increases of 20°C. That would be the end of the world as we know it. I cannot imagine a rational person who would not seek to eliminate even the possibility of such outcomes. But if we are to do that, we must also act very soon. The second requirement is to demonstrate that it is possible for us to thrive with low-carbon emissions. People in the northern hemisphere are not going to choose to be cold now, in order to prevent the world from becoming far too hot in future. China and India are not going to forgo development, either. These are realities that cannot be ignored.

It's not enough saying a cap-and-trade system will work in theory. Sure, the underlying economics behind a perfect cap-and-trade system are sound, but it is very unlikely any ETS ever developed will be perfect.