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How can you force firms to cut down their carbon emissions? Put a price on them. That's the idea behind carbon trading, which got a boost last week when California launched the world's second-largest carbon market. Other new and improved trading systems are springing up around the globe and could eventually work together.
The first carbon market was the European Union's Emissions Trading System (ETS), set up as a result of the Kyoto protocol. Richard Newell and colleagues at Duke University in Durham, North Carolina, calculate that European emissions fell by 2 to 5 per cent between 2005 and 2007 thanks to the ETS. Since then, however, the system has struggled, partly because firms were handed too many permits for free.
The system will work better if markets link up to trade internationally - greater competition for permits should add to the incentive to cut emissions. The first such link will be between the ETS and Australia's new trading system, after it launches in 2015. "Linking is the holy grail," says Burtraw.
It is not a tax
Originally posted by macman
reply to post by Maxmars
And one person that looks to become a multi-billionaire on all this?
Al Gore and all the people around him that created the platform and means to trade carbon credits.
So, while the world gets taxed even more, Al Gore and his lackeys get even richer.
What a joke.
We are doomed with this crap.