Klaus at ECO:nomics Conference

The multiple episodes of applause from the crowd during his conversation suggested that many ECO:nomics attendees also shared his views.

Environmental Capital - WSJ.com : Revenue Rumble: Following the Money in the Climate Change Debate

But the debate over the cap-and-trade bill, at least at the WSJ’s ECO:nomics conference in California, is all about following the money. Specifically, is slapping a price on carbon emissions to raise government revenue, as outlined in the Obama budget, a redistribution of wealth?

Of course it is, says Jason Grumet, an energy adviser to the Obama campaign and the president of the Bipartisan Policy Center.

“The question is, is it a good or bad redistribution?,” Mr. Grumet said. “The free market should rationalize [the external costs associated with dirty energy sources.] We tax the things we don’t like, like carbon, and we lower taxes on things we do like, like labor.” That leads to greater economic growth in the end, he says.