The Truth About Cap-and-Trade

Three cheers for Lesley McAllister! In a recent article, this empirically-minded law professor explains why so many cap-and-trade programs have not made any dent in the emissions they were meant to control (34 Colum. J. Envtl. L. 395, 2009). Ever since I read this article a few weeks ago, I have been pondering its implications for the upcoming negotiations in Copenhagen. I’d like to highlight just a few of the lessons Professor McAllister gleans from a careful study of four existing cap-and-trade programs in the U.S. and Europe, and I hope she will forgive me for oversimplifying and injecting my own views with abandon. Continue reading