What is the history of cap and trade?
An example of an AI chatbot conversation about the history of cap and trade policies.
Can you tell me about the history of cap and trade?
Sure! Cap and trade originated in the 1970s as a market-based approach to controlling pollution. It gained prominence with the 1990 Clean Air Act amendments in the U.S.
How does cap and trade work?
Cap and trade sets a limit on emissions and allows companies to buy and sell allowances. If a company reduces its emissions, it can sell its extra allowances.
What are some examples of cap and trade systems?
Notable examples include the European Union Emission Trading System (EU ETS) and California's cap-and-trade program.
What are the benefits and drawbacks of cap and trade?
Benefits include cost-effectiveness and flexibility, while drawbacks can be market volatility and potential loopholes.
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