[mikecb]

Usually, Pigouvian taxes like the one OP was proposing are calculated to cover the complete externalized costs of the item being taxed. So in this case, it would include the costs of adjusting to climate change. This would make alternatives relatively cheaper, as well as raising revenue to support research and construction of new energy infrastructure, as well as point addressing of specific projects identified to reduce the impacts of climate change. Of course, this is all if you believe that the current political climate (not only in the US, but in large middle income economies as well) can support such taxes. And then you have to decide what the tax should be! Ultimately, cap and trade turn out to be far easier.

[princeb]

one benefit of pigovian taxes is increased revenue to ameliorate the externality, but it's not the main goal of the tax. the cost itself reduces demand to the socially optimal level. the government could well burn the tax revenue (or in this case, recycle the paper) and still achieve the objectives of the tax.