The past few years have been gloomy for US emissions traders and environmentalists concerned about climate change. But on November 14, they finally had something to celebrate. On that day, California held the inaugural auction of its new cap-and-trade programme, kicking off what promises to develop into the world’s second-largest carbon market after the European Union Emissions Trading System (EU ETS).
California says it has absorbed the lessons of other cap-and-trade programmes and designed its
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