Innovation First

Michael Shellenberger & Ted Nordhaus feel that Gore has shifted away from CO2 regulation:

We have long argued that it has been both a policy and political mistake for greens to place a higher emphasis on carbon prices and regulation rather than public investment in technology. The reason for this is simple: The order of investment and regulations matter. Investments aimed at making the technological innovations to reduce the price of clean energy alternatives should come first, as they are crucial to making future carbon regulations work. Moreover, these investments should not depend on being funded by the auctioning of pollution allowances. Gore's shift shows what it looks like when greens go from rhetorical support for public investment as ancillary to regulating carbon to making it their central focus. Other environmental activists would be well-served by following his lead.

Avent dissents. I'm with Shellenberger and Nordhaus (and Manzi), especially facing a global depression. Innovation should always trump regulation. Because it will work better.