Everybody’s Favorite Law

Cap and Trade programs have proliferated, but global emissions continue to climb.

Illustrations by Marco Miccichè

Today, everybody’s favorite policy for combating greenhouse gas emissions is “cap and trade,” the shorthand for a larger system of carbon emissions trading. It works like this: countries are each permitted, via international treaty, to emit only a certain amount of carbon. They then enforce these limits by allocating carbon emissions credits to their big […]

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