Latest issue
The Baseline Is the Loophole
4/29/2026
Carbon pricing is getting more expensive — Bloomberg reports that carbon market costs are a growing financial risk for companies across oil, manufacturing, and other heavy industries, even as political pressure to decarbonize softens in the US. Europe is preparing a significant e…
Recent posts
Two weeks ago I wrote about the IRA's cost-per-ton problem. The numbers have moved again — in the wrong direction. The R Street Institute, working from updated EIA projections, has…
The Inflation Reduction Act was sold, in part, on a simple promise: federal dollars would buy meaningful emissions reductions at a defensible price. The math is getting less defens…
The original pitch for Hinkley Point C was £18 billion and a reactor humming by the mid-2020s. The current reality, per EDF's 2025 financial statements, is £35 billion — nearly dou…
The grid reliability debate has a framing problem. Critics of wind and solar point to high-penetration grids and ask: what happens when the wind doesn't blow? The more useful quest…
The EU Emissions Trading System just had a rough week. European carbon prices fell more than 5% after the European Commission President signaled the bloc might release additional e…
Global carbon pricing crossed $100 billion in government revenue for the second consecutive year in 2024, according to the World Bank's State and Trends of Carbon Pricing 2025. Tha…