Word: tradings
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...Next up: Congress is moving ahead with a special 'cash for clunkers' program that is supported by a broad coalition of auto dealers, trade unions, finance companies and auto manufacturers. The nearly completed bill, which President Obama has indicated he will sign, offers consumers credits of $3,500 to $4,500 to trade in old vehicles for new, more fuel-efficient cars. The incentive is expected to cost the government $4 billion and to boost sales of new vehicles by one million units. "We believe this will play an important role in driving demand and stimulating sales," says Ray Young...
...After the signing of the 1997 Kyoto Protocol, Michael Sandel infamously voiced a challenging concern for any cap-and-trade scheme. In a New York Times op-ed, Dr. Sandel wrote that cap-and-trade policies at any level would “undermine the ethic we should be trying to foster on the environment.” Many of Sandel’s claims in the piece regarding the economic infeasibility of a cap-and-trade scheme are weak, but the argument that cap and trade could hinder the needed spirit of collective responsibility is no joke...
...would it appear if the U.S., the chief culprit of climate change, continued to emit and emit merely because it could financially afford to? It is a fact that the U.S. cannot trade away all of its emissions credits and will have to make cuts no matter what, but the point still stands. Although aggregate admissions rates would still fall, the sense of shared sacrifice would be lost. Sandel claims the commodification of emissions might remove the stigma associated with emissions. Paying for emissions could very well just become the price of doing business as usual...
...does the ability to buy credits really make emissions more culturally acceptable? More importantly, does the cap-and-trade scheme raise more cultural awareness about the issue or less? It may be the case that, under a cap-and-trade scheme, emissions will become more stigmatized in light of the existence a common venture to defeat global warming, regardless of its reliance on cold market logic. There are arguments on both sides, and it ultimately depends on how cap and trade is sold to and bought by the people. If a cap-and-trade scheme is spun in the rhetoric...
...trade schemes can do much to mitigate the short-term effects of climate change. But it should be remembered that, although the most salient concern of the legislation in the U.S. is to quickly lower the aggregate amount of emissions with hurting the economy, this should not be the only concern. The moral and cultural dimensions of climate change must be also addressed. The only way up from the global fall from grace is to work together and consider what’s fair and important in the long...