Jonathan Adler: In an attempt to prevent the seas from rising 5 to 11 inches over 100 years, let's do that James Hansen "Massive carbon dioxide hoax tax, then refund" thing

A Conservative's Approach to Combating Climate Change - Atlantic Mobile

Accepting, for the sake of argument, that the skeptics' assessment of the science is correct, global warming will produce effects that should be of concern. Among other things, even a modest increase in global temperature can be expected to produce some degree of sea-level rise, with consequent negative effects on low-lying regions. Michaels and Balling, for instance, have posited a "best guess" that sea levels will rise 5 to 11 inches over the next century. Such an increase in sea levels is likely manageable in wealthy, developed nations, such as the United States. Poorer nations in the developing world, however, will not be so able to adapt to such changes. This is of particular concern because these effects will be most severe in those nations that are both least able to adapt and least responsible for contributing to the concentration of greenhouse gases in the atmosphere.
...Third, I believe the United States should adopt a revenue-neutral carbon tax, much like that suggested by NASA's James Hansen. Specifically, the federal government should impose a price on carbon that is fully rebated to taxpayers on a per capita basis. This would, in effect, shift the incidence of federal taxes away from income and labor and onto energy consumption and offset some of the potential regressivity of a carbon tax. For conservatives who have long supported shifting from an income tax to a sales or consumption tax, and oppose increasing the federal tax burden, this should be a no brainer. If fully rebated, there is no need to worry about whether the government will put the resulting revenues to good use, but the tax would provide a significant incentive to reduce carbon energy use. Further, a carbon tax would be more transparent and less vulnerable to rent-seeking and special interest mischief than equivalent cap-and-trade schemes and would also be easier to account for within the global trading system. All this means a revenue-neutral carbon tax could be easier to enact than cap-and-trade. And as for a broader theoretical justification, if the global atmosphere is a global commons owned by us all, why should not those who use this commons to dispose of their carbon emissions pay a user fee to compensate those who are affected.