| In 2012, when California began its cap-and-trade program, it was hailed as a model for the rest of the world. While Congress had failed to pass a similar system two years earlier, California was going to demonstrate how a large, industrialized economy could cut greenhouse gases while also raising billions of dollars for clean energy projects.
The idea was fairly straightforward: By forcing oil refiners, power plants, and factories to buy permits to emit greenhouse gases and then gradually shrinking the supply of those permits, the state could steadily raise the cost of carbon dioxide pollution and compel businesses to lower their carbon footprint...............................................Full Article: Source
|