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But most polluters, having just been promised hundreds of billions of dollars' worth of permits for nothing, are elated.
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Most of the demand for those credits is in the European Union, where polluters have operated under a mandatory cap-and-trade system since 2005.
But many of the largest polluters have not signed on.
The big polluters have more or less achieved the UN's aim of population stability.
At the current prices, polluters have little incentive to clean up their smokestacks.
Many countries, including all 10 of the biggest polluters, have adopted pledges.
Corporate polluters have spent big to elect legislators in North Carolina.
These corporate polluters have the right to be heard.
Instead of taking planetary leadership in the race against climate change, the most powerful nation on earth, and nearly its highest per capital polluter, has scuttled binding international agreements for stricter fossil fuel controls.
Most polluters were reluctant to cooperate, much less spend millions of dollars to remediate.
But not every polluter has upstanding Norwegians investing in it, or holds its AGM in London.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com