Greenhouse markets

Will Britain meet its Kyoto targets on greenhouse gas emissions with a trading scheme in pollution permits or a government levy?

By Bridget Rosewell   47

Greenhouse markets

The Kyoto Protocol of 1997 set targets for greenhouse gas emissions. Like other countries, Britain has had to devise a scheme to meet its target. Will a government levy on use of energy or a market in emission permits (or both) work best?

Buying the right to pollute sounds perverse. Surely, people say, business (especially “big” business) should be prevented from polluting at all. But this is not what markets in pollution-or, more specifically, emissions of greenhouse gases-are about. They aim to find a more efficient means of meeting environmental targets. This article examines how the rules…

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