Market-based environmentalism, or a boondoggle?
Having at last fixed America's health-care system once and for all—or maybe not—Congressional Democrats are promising to apply themselves to the task of imposing legislative curbs on carbon. So it's a good time to see how a prototype cap-and-trade scheme, the European Union's Emission Trading System, is faring. So far, not so good.
Last week, spot trading on the ETS ground to a complete halt for three days after a scandal erupted over players gaming the system. In this case, the government of Hungary admitted to reselling "certified emission reduction" credits that companies had already relinquished, or "spent."
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