New Scientist: ... Rather than imposing a carbon tax, the EU has launched the world's first carbon trading scheme. Its aim is to force down industrial emissions of greenhouse gases and so moderate global warming, while preserving the competitiveness of European companies.

Under the scheme, companies are issued with pieces of paper that grant them permission to emit a certain quantity of CO₂ the atmosphere in a particular year. Companies that do not have enough permissions to cover their emissions will have to buy them in from someone who does. But amid the euphoria at the launch of the scheme, there is concern.


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