Cap and trade — which seeks to reduce air pollutants by mandating a decreasing limit on emissions levels and letting the market find the most efficient way to meet it — began as an obscure academic idea, before becoming the mainstream method for tackling climate change. On Wednesday, when Senators John Kerry and Joseph Lieberman unveiled the American Power Act — climate legislation that would reduce greenhouse-gas emissions and boost clean energy — cap and trade reached its apogee. It also may have reached its end.
May 18, 2010
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