2007 was the year of splitting the difference
The triumph, for yet another year, of those who want to split the difference and, basically, do nothing (i.e. those whose key climate strategy is to invest in good ole technology or at least to say they want to invest in technology) — this means you President Bush, Newt Gingrich, BjÃ¸rn Lomborg, OPEC (!), Shellenberger and Nordhaus (depending on what day you happen to catch them), and possibly Andy Revkin (and maybe even E. O. Wilson — say it ain’t so!)
By the way, the (lame) outcome of the energy bill ought to make VERY clear that funding clean energy technology at the level it deserves ($10+ billion a year) is NOT politically easier than regulating carbon (contrary to what Shellenberger and Nordhaus keep saying).
Conservatives hate both strategies — and we will certainly need the money from the auctioning of carbon permits to pay for the technology, since it is now clearer than ever that such money won’t come from 1) raising taxes [as if] or 2) shifting money away from huge government oil subsidies even when oil is at $90+ a barrel!