I came across Greg Mankiw's blog this weekend.
Mankiw being the author of a really well done intermediate macro econ book I used while in undergrad. I've enjoyed his op-eds in the past and was drawn to his opinion. I was pleasantly surprised by his focus as a conservative economist. Looking at ways for markets to capture CO2 emissions.
It turns out that Mankiw is a well know and leading advocate for capturing the externalities of CO2 emissions. This stance developing while also having been the appointed chair of George W's Council of Economic Advisers.
At his blog Mankiw points out some inconsistent assumptions about the difference in cost allocation of a CO2 cap and trade program as opposed to a carbon tax. Also worth mentioning is his creation of a "Pigou Club" for others who advocate for his stance on taxing CO2 emissions.
This Club being kicked off by a "Manifesto" published as an Op-Ed in the NY Times. Never being one to discount the work done via manifesto I recommend checking it out.
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