# In Case You Missed It: Nice Post over at TNR 

*Published:* 2009-01-26
*Author:* Tony Kreindler

Last week, Brad Plumer over at the New Republic made [some thoughtful points about climate policy](http://blogs.tnr.com/tnr/blogs/environmentandenergy/archive/2009/01/21/europe-s-carbon-market-collapses-should-we-worry.aspx) that are worth taking a look at.

He puts well the key difference between a cap and a tax:

> With a tax, we know in advance how much it will cost, but aren’t sure what emissions level will result. With a well-enforced cap-and-trade regime, we know the maximum level of emissions we’ll get, but aren’t positive how much it will cost to get there…

We take issue with some of his thoughts about to how to cope with fluctuations in the market price of carbon ([a so-called “safety valve” is a bad idea](https://blogs.edf.org/climate411/2007/06/05/what-is-the-safety-valve/ "post about why the safety valve is not a good way to manage cost")), but it’s great to see a clear-headed reaction to the fluctuations in the European market.