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The measure would stop New York companies from keeping money they make by selling pollution credits, earned by cleaning their own smokestacks, to major polluters elsewhere.
The measure would stop New York companies from keeping the money they make by selling pollution credits, earned by cleaning their own smokestacks, to major polluters in the Midwest and the South.
The measure seeks to stop New York companies from selling pollution allowances, which they now earn by cleaning up their own smokestacks, to polluters in those other states.
Yet the idea of buying and selling pollution remains attractive, as recent events in Australia show.
The Legislature approved a bill making New York the first state to prohibit companies from selling "pollution credits" to factories in the Midwest that contribute to the Northeast's acid rain problem.
The scheme is supposed to encourage companies to trade the rights to emit carbon dioxide, with cleaner firms selling pollution permits to dirtier rivals - thereby setting a price on the emission of carbon.
Similar(50)
At the same time, they sought to keep the coal industry from immediate bankruptcy by allowing companies to trade — that is, buy and sell — pollution permits.
By the 1990s, "tradable allowance schemes", which permit companies to buy and sell "pollution credits," or legal rights to produce specified amounts of pollution, had been implemented in the United States.
The agency was seeking to create a trading system in which the states could buy and sell pollution credits, with the actual work being done in the places where it was easiest to do it.
In the simplest terms, the plan would set a cap on how much carbon dioxide could be released into the atmosphere each year and allow companies to buy and sell pollution permits designed to meet that target.
The idea, to be tested first at the Amalgamated co-op, is to adapt the existing system, in which companies can buy and sell pollution credits, for the residential market in New York City.
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CEO of Professional Science Editing for Scientists @ prosciediting.com