At a lecture in Oxford Prof. Brenda Boardman described the work of the Lower Carbon Futures Department which she heads. She has been advising government that some form of carbon rationing would be necessary to meet the currently perceived targets of 60% cut in emissions and to enable adjustments to be made as the science becomes clearer.
She explained that the costs would be minimal as banks were eager to undertake the recording and administration of rationing as a part of their credit card services. One swipe as you fill your tank, for example, would charge your bank account and be counted against your carbon ration. When your ration is exhausted the price of your fuel would be raised to a higher level.
The measurement of the carbon cost of all commodities would appear to be the logical next step. It is interesting that Tesco and Boots are already (2007) running trials of the carbon labelling necessary to achieve this.
Progress in carbon rationing has been overshadowed by the establishment of a carbon trading market. This could be considered to be a step in the right direction.