Global Carbon Tax and Universal Compensation

We propose a global greenhouse gas (GHG) tax and a universal compensation. The tax penalizes every unit of GHG emission equally and its revenue is distributed to all world residents equally. This system is fair and hence can mobilize most countries to join in. It will motivate all countries to cut GHG to the optimal level to maximize the world welfare. It also yields efficient GHG abating, encourages technology transfers and reduces the tension between environment protection and poverty alleviation