Well, the Republicans may have only half-heartedly raised their hands when asked if they believe global warming is a problem. Doesn’t matter. We’ll get along fine without them. Here’s a good step:
A comprehensive range of environmental futures and options are expected to begin trading during the first quarter of 2008 on the New York Mercantile Exchange (NYMEX), said the exchange on Wednesday. […]
“The Green Exchange expects to focus on both global and regional compliance trading while also building liquidity and demand for the highest quality voluntary standards in the market. Underlying all this will be the ability for all market participants to manage risk and take positions in environmental derivatives markets,” [NYMEX Chairman Richard Schaeffer] added.
I’ll be the first to admit I don’t know how all this stuff works. Maybe someone can explain it more thoroughly in the comments. My understanding: Company A doesn’t pollute, so it has a bunch of carbon credits to trade. Company B is polluting beyond its limit, and needs to buy credits. Company A sells credits to Company B.
If that’s the way it works, then I can see tremendous benefits. Company A is already “going green,” while Company B is spending tons of cash to buy credits. That, in my books, is a good reason to start cleaning up. One question though: Who sets the limits? If the Republicans don’t believe we’re causing global climate change, then I certainly don’t trust them to do it.