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While the Obama administration pushes forward with its unwieldy Clean Power Plan, the World Bank and the International Monetary Fund are pushing a far superior means of addressing climate change: a carbon tax.

If the overwhelming scientific consensus supports the idea that human activity is driving global warming, then the overwhelming economic consensus supports the idea that a carbon tax is — in the words of World Bank president Jim Yong Kim — “by far the most powerful and efficient way to reduce emissions.”

Unlike the Clean Power Plan, which requires an army of bureaucrats and engineers to execute and monitor federally mandated reductions in carbon dioxide emissions, a carbon tax achieves the same objective by marshaling the basic laws of supply and demand to create frictionless incentives.