Peter Barnes has a guest post on the Step It Up blog giving a good brief description of how a Sky Trust would work: Carbon capping comes in three varieties: cap-and-trade, cap-and-auction, and cap-and-recycle. In cap-and-trade, permits are given free to historic polluters. This is called 'grandfathering.' The more a company polluted in the past, the more permits it gets in the future -- not just once, but year after year. As the descending cap raises the price of fossil fuels, everyone pays more, and the comÂpanies that get free permits keep this extra money. In Europe, a carbon cap-and-trade …
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