Cap & trade is a fad that appears to be past its heyday; good riddance that it is.
The movement is a politically-inspired anti-so-called -global warming tool that was created primarily as a means of having government get first dibs at funds which really were indirect taxes.
The market for such cap & trade “credits” developed in Europe where cap & trade was adopted by left-leaning governments. But in recent years the market has unravelled as China, India and the U.S., all major manufacturing power-houses, refused to participate. Cap & trade is an economic straitjacket. Even Europeans are now disillusioned with the concept. (See Earl J Weinreb NewsHole® comments.)
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