The cap-and-trade system “has problems with verification and accountability and requires new market infrastructure ¿ as well as a costly and substantial expansion of regulatory and administrative oversight,” ExxonMobil’s Chief Executive Rex Tillerson said while speaking at the Woodrow Wilson International Center for Scholars.
A carbon tax “strikes us as the most efficient means of reflecting the cost of carbon in all economic decisions -- from investments made by companies to fuel and product choices made by consumers," Tillerson added.
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