THE URGENT DRIVES out the important every time. The financial tidal waves emanating from $2 trillion of US sub-prime (and Alt-A) mortgages melting down has immediate effects on credit markets, stock markets, the economy and all asset prices. This drives concerns about climate change off the front page. Another factor pushing climate change policy action and economic/financial market consequences to the fringe is (paradoxically) soaring energy prices. Whatever action to combat climate change might eventually emerge, it is likely to involve a mix of carbon-emission taxes and quota trading that will achieve results by raising energy costs.
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