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But some economists are wondering whether the attempt to gain political traction is coming at the expense of what makes the most sense policy-wise.

The majority of 144 economists polled by New York University’s Institute for Policy Integrity, or 84%, agree that global warming’s effects “create significant risks” to the economy, and 94% agree that the United States should join climate agreements to limit global warming.

Under President Bush, not much happened at the federal level when it came to climate change. During that bleak time, environmentalists could at least look to the states for a glimmer of progress. States in several regions organized carbon cutting initiatives and proposed some moderate but important greenhouse gas reductions. These local, largely market-based programs could jump-start America’s climate efforts and prove to the nation that cap-and-trade is not a dirty word.

The Obama administration has made very clear that they want Congress, rather than EPA, to take the lead in creating a national response to climate change. Despite their oft-repeated preference for congressional action, recently, EPA head Lisa Jackson had to once again reiterate that the agency had no plans to do a carbon cap.

Though lawmakers are contemplating scrapping cap-and-trade on carbon as “political poison” its flexible market-based structure makes it the most efficient and business-friendly way to reduce pollution. That is why Republicans proposed the idea in the 1980s.

A quick scan of OIRA’s public meeting records shows that, since President Obama took office, industry and trade associations have held many more meetings with OIRA than advocacy NGOs or unions-something like eight times as many. If OIRA were turning down greens in favor of business interests, this would be a major cause for concern. But, according to the folks in that office, they take every meeting requested to discuss regulations under review. That means the reason for the lopsided meeting log is a lack of requests from groups working for stronger protections.

An important addition to any new climate bill is a refund mechanism to protect lower and middle class families from increased energy prices. No matter what road Congress takes to control our greenhouse emissions, energy prices will rise to some extent. The costs businesses incur in their compliance of any new rules will be passed on to consumers.

“For all regulations that have an impact on the climate, either good or bad, they’re going to use these numbers to value those effects,” said Michael Livermore, executive director of New York University’s Institute for Policy Integrity, a nonpartisan advocacy organization and think tank. The work group notes, however, that most federal regulatory actions would only marginally affect the cumulative global output of warming gases.

Since the EPA has no choice but to regulate greenhouse gases, and could come under serious legal fire if it does not, it is a good idea for EPA to act. The Supreme Court decided in Massachusetts v. EPA that the agency had two options: either determine that greenhouse gases are not a danger to human safety, or do something about them. So what is the best way for Administrator Lisa Jackson to proceed?

Clean energy standards will not go far enough to rein in our carbon emissions and will cost more—pound for pound—than putting a price on carbon. Granted, it is better to take some action than it is to take none, but this is a small, expensive band-aid on a planet-sized problem.