Naturally our favorite vampire squid, Goldman Sachs, as well as other such parasites, have their tentacles deep into the “trade” part of cap and trade, as well as intending to game the system so they make billions. Then there are the separate issues of free carbon credits (AKA “cap and giveaway”), dubious and unverifiable offset permits, and no genuine global agreements on what to do to stop climate change. Except to let the “magic of the marketplace” to solve things for us, that is. Gosh, that worked so well with Enron, subprime, and real estate didn’t it that we now have a recession.
Do you want investments banks to be in charge of ending global warming? Didn’t think so. Cap and trade is a scam and will solve nothing.