Stalwart Republican, former Bush advisor, and Harvard economics professor Greg Mankiw makes the case for the carbon tax. He also thinks a carbon tax is the most achievable global policy:

A global carbon tax would be easier to negotiate. All governments require revenue for public purposes. The world’s nations could agree to use a carbon tax as one instrument to raise some of that revenue. No money needs to change hands across national borders. Each government could keep the revenue from its tax and use it to finance spending or whatever form of tax relief it considered best.

I guess I hadn’t considered the possibility of persuading (or requiring as part of some international treaty) other countries to tax carbon along with us. But I’m liking the idea.