When Exxon Mobil Corp. endorsed a carbon tax proposal initiated by former Secretaries of State James Baker and George Shultz, some observers foresaw a future with dramatically fewer regulations. Not W. Thaddeus “Thad” Miller, the executive vice president and chief legal officer of Houston-based electricity provider Calpine Corp., who also endorses the Baker proposal.

If the carbon tax becomes reality, “this is not as large a change on the regulatory front as people may think,” Miller says.

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While the proposal includes a rollback of future regulations on carbon emissions, he notes there have been many environmental regulations regarding other emissions that will remain in place, and he expects regulatory lawyers who handle environmental regulations to continue that work.